It's almost as if bond traders and economists are watchingdifferent versions of Janet Yellen's testimony to Congress thisweek.

Traders are taking the Federal Reserve chair's comments over thepast two days—that the labor market market isn't fully healed andinflation is too low—as confirmation that the Fed is very unlikelyto raise interest rates in the first half of the year. Economists,including UBS Group AG's Drew Matus and JPMorgan Chase & Co.'sMichael Feroli, saw in her message reasons to reaffirm their callsfor the first increase to come by June.

But there's a third view about how Yellen's testimony applies tothe bond market, as expressed by Jim Bianco, the founder of BiancoResearch LLC in Chicago: It doesn't really matter.

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