Runs previous command replacing the typo

when we run a command with a typo, we can correct the typo and re-run the command by the following command.

^wrong^right

Here are the examples:

The man command is wrongly typed as many
[root@test /]# many head
-bash: many: command not found


The y is replaced with empty character.
[root@test /]# ^y
man head

--------------------------------------------------------------
Here man is typed as