As the reflation trades cools down and the economic data begins to roll over, Jeff Snider, head of global research at Alhambra Investments, anticipates an ugly, near-term outcome for growth. In this conversation with financial journalist Maggie Lake, he explains how bonds and financial conditions have been signaling a return to the environment of the pre-2020 economy—low growth within a fragile monetary system—except that it is "even more materially harmed" now than it ever was before. Filmed on August 19, 2021.