Since the mid-2000s, bond vigilantes have been stymied by the efforts of central banks to keep interest rates very low, especially following the Great Recession. The use of measures like quantitative easing (QE) made it difficult for the mere act of selling bonds to have a significant influence on bond yields. As of mid-2022, however, the vigilantes may have returned as a harbinger of central banks’ slow response to rising inflation around the world.