Risk assets have rallied aggressively in the first quarter of 2019, in what appears to reflect an anticipation that global central banks will repeat the reflation trade that they initiated in early 2016. But Tian Yang, head of research at Variant Perception, believes that investors may be ignoring the shifts in central banks' priorities and in the inflation picture that have transpired between then and now. For that reason, the recent divergence between asset prices and leading indicators could leave many markets looking vulnerable, Filmed on March 19, 2019 in London. Variant Perception's research note 'No Deja-Vu: 2016 Reflation Analogy Does Not Fit' was published on Real Vision's Think Tank on March 14, 2019. Variant Perception's research note 'Understanding Bear Markets' can be found on their website by clicking here: https://bit.ly/2HKqh3M