NEW YORK ( TheStreet) -- The global picture indicates that central banks across the world have yet to create sufficient demand, despite aggressive monetary efforts. Precious and industrial metals, as well as oil, have all tanked, although the U.S. equity indexes have yet to follow. Another round of liquidation in these commodity markets is sure to bring equities lower with it.As seen in both TIPS and precious metals, investors do not feel the need to hedge themselves against inflation, proving that the near-term odds of rate spikes is less than probable. The U.S. CPI reading, with a trailing 12-month rise of 1.5%, shows that the economy still has a ways to go in its recovery effort. GDP growth will be the only catalyst for inflation, and considering it has been tepid, provides further evidence for a deflationary environment. A look at inter-market relationships taking shape makes a strong case for pullbacks across the board in commodities, equities and commodity-linked currencies.