1.   As bonds have rallied this autumn, bond bears -- who counted on higher rates -- either recanted or were punished with poor returns.

2.   Currency traders evidently agreed with the bond bears.

3.   Still, the bond bears persist.

4.   The slump gave a rare victory to bond bears, who say a pick-up in the economy will inevitably stir up inflation.

5.   The report also quashed lingering speculation that the Federal Reserve might soon raise interest rates, even among some well-known bond bears.