Are central banks losing control of global bond markets?

For much of the time since 2008, bonds have danced to the tune played by the Federal Reserve, European Central Bank and Bank of England. With rates at historic lows and central banks buying bonds directly and indirectly, investors played along and have been richly rewarded as global yields plummeted. But now markets aren't so compliant. The Bank of England looks most vulnerable in risking a head-on clash with investors.