Last week, a highly unusual amount of options action occurred in iShares TIPS Bond ETF (TIP).  TIP is a popular ETF for investing in TIPS bonds, which are treasury bonds that are indexed to inflation.  In other words, as inflation goes up, these bonds go up.  While the ETF has $38 billion in assets, it doesn’t generally trade a lot of options.  However, someone purchased a large ratio put spread that expires in February.  It could be a clue that at least some strategists aren’t overly concerned about inflation for the next few months.