The explosively increased prices for oil and gas and the ever more expensive materials and raw materials are forcing consumers to save. Businesses are also suffering because demand is falling and high costs are squeezing profits. A scenario in which the central banks are actually forced to raise interest rates. But against the background of external shocks such as the Ukraine war and corona lockdowns, it is questionable whether the monetary policy measures would have any effect at all. A difficult environment in which investors should be aware of the impact on each asset class.