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Fortune
Fortune
Jason Ma

In this election cycle, 'bond vigilantes' are voting too—and they don't like what they see

Federal Reserve Chairman Jerome Powell (Credit: Anna Moneymaker—Getty Images)

Suburban moms, crypto bros, and Swifties aren't the only voters making their presence felt this election season. Bond investors are voting with their dollars in financial markets, and they don't like what they see.

The term "bond vigilantes" was famous coined by Wall Street veteran Ed Yardeni in the 1980s, referring to traders who protested massive deficits by selling off bonds to push yields higher. 

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