Traders work on the floor of the New York Stock Exchange. Photo: Reuters, Brendan McDermid

Preeminent fixed-income investor Jeffrey Gundlach says the spike in bond yields is just getting started as manager at the world’s largest hedge fund, Ray Dalio, proclaims the end of the era of central-bank stimulus?

Forget geopolitical crisis on the Korean peninsula and the Middle East, or policy uncertainty in Washington. Higher borrowing costs and tapering of central bank bond purchases is the toughest test yet facing this year’s global stock rally, writes Bloomberg.