It isn't a market that has matured, but there is more interest. Given where inflation has been - I've seen it up 10 to 12 percent - this is a market that should do much better.

If you want to invest in a long-term Treasury security and you think inflation won't ever dip below 2 percent, this makes more sense than a nominal Treasury bond.

The fundamentals are still there. We have low inflation, low interest rates and a worldwide demand for American products I don't think you have a problem as far as the market going up.

With higher gasoline prices putting a dent in consumer spending and underlying inflation looking to be contained, further interest rate hikes seem unnecessary.

The market is responding very directly to interest rates as kind of a one-dimensional thing -- fearful of inflation and I think that either higher rates may catch this market in 1997, or the flip side, lower earnings.

Long-bond buyers aren't afraid of inflation or increased interest rates, the way short-term bond buyers are. The Fed still seems to be in the game for the foreseeable future in driving rates up.