1.   In combination with interest payments, bond investors pocketed the third best annual total return since Calvin Coolidge was president.

2.   The morass in Washington has gained even greater attention as bond investors have little economic news on which to focus.

3.   Although gilts lost gains they were otherwise supported by growing optimism that recent relative gilt weakness will tempt value-conscious European bond investors to switch into British assets.

4.   Although deregulation and increased competition presents a tougher market for many municipal utilities, some bond investors remain optimistic about the prospects of their debt.

5.   Although some bond investors, like Connor of J.P. Morgan, expect them to disappear, it is still too early to handicap that prediction with any certainty.

6.   And by and large, bond investors also made money.

7.   And as soon as other bond investors catch on to that rebound, they say, yields will head higher.

8.   And as the risk of inflation dissipates, bond investors demand lower and lower yields as compensation.

9.   And bond investors hate nothing more than inflation, which inexorably erodes the value of their holdings.

10.   Any rate hike will be priced in by bond investors by mid-May, he said.