One of the biggest changes in the financial markets over the past five years was the sudden increase in inflation starting in 2021. The U.S. inflation rate reached 9%, the highest in the past 40 years (https://tradingeconomics.com/united-states/inflation-cpi ). High inflation led to high interest rates and created many challenges. As a finance student, you need to understand this.
High inflation happened in many countries, including UK, many European countries, and Australia. One of the main causes of the inflation is demand and supply changes due to Covid-19.