While many are focused on making sense of equity markets, attributing daily moves to capricious COVID headlines and an army of retail investors hungry for risk, Jeffrey Snider of Alhambra Investment Partners is avoiding the noise and focusing on unemployment and the bond market. To him, both of these indicators suggest that V-shaped recovery is not the base case for the businesses and large financial institutions that are most affected by the pandemic. As well, Snider touches on important topics for Real Vision viewers like the effectiveness and consequences of recent Fed stimulus measures, the risks of inflation, and the health of the global dollar system. Filmed on June 19, 2020.