The rise in global inflation since 2021 has been the strongest and fastest in decades. Monetary policy has therefore been tightened rapidly. At the same time, the prices of various real and financial assets have fallen, interest-rate spreads between riskier assets and government bonds have increased and volatility has risen on several markets. Financial conditions have become significantly tighter. Furthermore, several incidents have taken place over the past year, which have led to turbulence on the financial markets, not least this spring when major problems arose for banks in the United States and Switzerland, ... (full story)