The issue of QE ( Quantitative Easing) bond buying is back in the news. Or at least it should be as we are in a phase where we are seeing the first real challenge to all the post Covid-19 purchases. In the UK we have seen the ten-year bond yield rise from the 0.2% it started 2021 to 0.6% now. Also the fifty-year yield has nudged above 1% this week. Whilst this is hardly the return of the bond vigilantes ( which would put the ten-year above 2%) we see that in spite of the Bank of England buying some £4.4 billion of UK bonds or Gilts each week yields are rising. They have been unable to fully resist the worldwide concerns about inflation and the relatively improved prospects for the UK via the rate of vaccination.