Since the beginning of the year, there has been a historic collapse in prices on the bond markets, combined with rapidly rising interest rates.
The public, which primarily looks at the stock markets, has so far taken surprisingly little notice.
Measured by the development on the interest rate markets, the stock markets got off comparatively lightly.
However, bond markets usually play an important pioneering role in terms of future economic conditions and monetary policy measures.
And these clearly revolve around inflation, which is now well above the levels that central banks such as the European Central Bank (ECB) or the American Fed classify as compatible with price stability.
While the Fed has already raised interest rates and is ready to take further steps, the ECB will only act in the second half of the year.
There is no question that it is already lagging behind market developments and the yield curve.
It is possible that they will be tightened at a time when the economy is already sending the first signs of slowing down.
However, European monetary policy must not allow itself to be frightened by them, because they must concentrate on combating inflation.
There is much to suggest that inflation rates will fall over the course of the year, but they will still be well above the ECB's target of 2 percent.