But not so in the long bond, which is approaching 8 percent.

The long bond is the measure by which most long-term interest rates are set.

But immediately after the announcement, the price of the long bond began to fall.

"Still, a lot of people who were holding long bond positions got caught."

For the long bond, the yield has not been over 7 percent since the end of April.

"But seeing the long bond rally is probably the best thing" for it.

When everybody expects the long bond to get to 7 percent, that's a reason for it not to happen.

Meanwhile, rates on longer bonds are up one percentage point, and in some cases more.

"At worst the long bond will remain in its current trading range."

But last week many investors did not seem to care about a potential shortage of long bonds.

Although long bond rates dropped to 6.5 percent in early July, he expected them to decline further.

But when it comes to the long bond, let the bickering begin.

On Tuesday, the price of the long bond tumbled 2 points.

And, on the same day, not to be left too far behind, the long bond inched higher.

He laments: I take a short position on the long bond.

Traders expect the long bond to top 8 percent this week, with several economic reports due.

This is the highest yield on the long bond since early April.

But there are also consumer confidence figures, the long bond perhaps.

"Ten percent on the long bond is gone," said one trader at a major investment bank.

For example, the yield spread between the long bond and the new 10-year notes is now about four basis points.

I intend to wait and let somebody else be the first guy who buys the long bond.

I think a downward correction on the long bond is in the wind.

The yield on the long bond hit its lowest level since November 1993.

For the week, however, the long bond's yield was unchanged.

Short-term securities rose, while the price of the long bond fell.