Compared with algebraic varieties the local monodromy of Drinfeld modules appears to be hopelessly complex: the image of the wild inertia subgroup under Tate module representations is infinite save for the case of potential good reduction. Nonetheless, we show that Tate modules of Drinfeld modules are ramified in a limited way: the image of a sufficiently deep ramification subgroup is trivial. This leads to a new invariant, the local conductor of a Drinfeld module. We establish an upper bound on the conductor in terms of the volume of the period lattice. As an intermediate step we develop a theory of normed lattices in function field arithmetic including the notion of volume. We relate normed lattices to vector bundles on projective curves. With the aid of Castelnuovo-Mumford regularity this implies a volume bound on norms of lattice generators, and the conductor inequality follows. Last but not least we describe the image of inertia for Drinfeld modules with period lattices of rank 1. Just as in the theory of local -adic pound Galois representations this image is commensurable with a commutative unipotent algebraic subgroup. However, in the case of Drinfeld modules such a subgroup can be a product of several copies of G(a) .