Yields are moving higher in a response to an economy that is bouncing back. Inflation is still under control, but it's in the upper end of the Fed's comfort range.

I'm concerned that we will get higher inflation expectations, but that in actuality, inflation will remain low.

Inflation remains under control. We're concerned of inflationary pressures developing in the economy, but they're not here now. They may be here a few months down the road, but they're not here yet.

Inflation is going up and they have to do something to control it. The economy has been doing extremely well and the koruna will probably keep strengthening.

The implication is that the economy is strengthening, but that inflation is not substantial, and the Fed will be able to handle it if it should become so.

Inflation is still moderate but this is about the outlook, and an economy that's doing well bears always risks.