Bonds are up a little today (TLT (bond etf) up ~2%) so it’s all just moving parts.
Commodities tend to lead in an inflation environment but then crash after the economy crumbles from the inability of people to pay and then cutting all but essentials.
The dollar has been ridiculously strong across the board - availability is becoming an issue globally as tightening moves forward.
My Proctor & Gamble stock is down almost $9 today.