Markets experienced their biggest slump since the pandemic-induced crash with widespread falls in equities and bonds, strong swings in interest rate yield curves, greater financial fragmentation in Europe, tightening financial conditions and stressed emerging economies. This report aims to deliver the most relevant insights to gain an understanding of the drivers of the turbulences, and above all, the consequences they may hold for the economy. In the report we provide the indicators that should be monitored in order to anticipate a shift of cycle in inflation, and as such in interest rates, which are key for an eventual stabilisation of markets.