There's been a complete 180-degree flip. People realized the rise in the oil price was sustainable, not a one-off, and that oil prices would stay high for longer.

Investors are putting more pressure on the long end of the bond market because they simply don't see central banks will be very quick to address this at all.

The Federal Reserve is very unlikely to want to raise rates until absolutely sure the US economy can withstand it. By then, bond vigilantes will have done their job and rates will be playing catch-up.