If it isn’t it certainly feels like the time is getting close.
That is the question. Bond fund? Should do well if the economy goes into recession, as money flows out of stocks and into bonds and as rates go back down. Will do badly if rates continue to go up but the economy does not go into recession. Individual bonds? Will do exactly what they advertise. May outperform the market, may not, that's the only risk. May have money stuck making 4% while the market jumps 20.
Mostly the former comes down to the Fed. Inflation isn't really 8% right now, and the Fed can't really efficiently do much about the current conditions. If they really mean to drive as-mrasured inflation back down to 2%, they'll have to cause a major recession to do it. But if they cave before that point, they may thread the needle. I expect they are doing the latter but know better than to say it.