Interest rates have been rising in a synchronised manner for weeks now: Both short and long-term rates are being affected. The change in monetary policy is being noticed: One year ago the Fed was not expected to start rate hikes until 2024 and now markets are expecting it to start doing so this Spring. On the other side of the Atlantic markets are also warning that the European Central Bank is going to accelerate the process much earlier than previously thought. Anecdotically, the Omicron storm will speed up the transition from pandemic to endemic, a fact that could boost economic growth but would prompt central banks to increase the pace of interest rate raises. Inflation is the reason behind. The key question affecting corporate and investment decisions in 2022 is whether it will stand at high levels for long or subside.