>Bondholders (correct me if I am wrong)
>usually are long term players, while currency and stock holders are more
>short-term guys, who play with the *value* rather than the *interest
>rate* they get.
>
>In other words, bondholders may well want higher interest rate because
>they probably want to keep the bonds instead of selling them.
Life insurance companies buy & hold. But there are plenty of traders who turn bonds over almost as quickly as stocks. The average holding period of a 30-year U.S. government bond is about 30 days.
Doug