"Interest and inflation are the dominant issues of the day," says Carsten Roemheld, capital market strategist at the investment company Fidelity.

And, of course, the two are directly related: if inflation expectations rise, market interest rates rise.

In a survey by Bank of America of 200 professional investors who collectively manage over 600 billion dollars, 24 percent said a few days ago that their biggest concern is currently unexpectedly high inflation.

A month earlier, not a single one saw this risk.

That doesn't mean that prices will gallop away. But inflation rates of three or four percent - unseen for many years - are easily possible. And in a financial world that has only seen falling interest rates for 40 years and is now completely set to eternal zero interest rates, this has very significant effects.