Bond rout leaves bears on wrong side of central banks

New York

THE biggest global bond rout in two years has put investors in a dangerous place: challenging the world's most influential central banks.

The truism "don't fight" the Federal Reserve has morphed into hedge fund manager David Tepper's recent caution against taking on the "four Feds": the European Central Bank, Bank of Japan and People's Bank of China, in addition to the US central bank.