Amid all the craziness and volatility in U.S. bonds last month,a few telling data points emerged that reflect where the market isheading. As some measures of trading surged to records, thosecarried out by Wall Street's biggest banks lagged behind.

Daily trading of corporate bonds averaged $21.8 billion inOctober, the most ever, according to the Securities Industry &Financial Markets Association. Meanwhile, at the 22 primary dealersthat are counterparties with the Federal Reserve, it was aboutaverage for the year.

U.S. government bond volumes, too, surged to a record $945.9billion on Oct. 15 at ICAP Plc, the world's largest interdealerbroker, as yields plunged the most since 2009. Trading at theprimary dealers that week only climbed to the highest since June2013, Fed data show.