Japanese bonds, the second largest bond market, has near zero yield.

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With a compliant Fed and willing foreign bond buyers (largely in Asia), he might be able to stave off the bond market vigilantes throughout his second term, if he is lucky.

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Indeed, some weakness in the high-yield market in the second half of March was linked to rising Treasury yields as bond prices declined.

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Up until 2010, the Jackson Hole meeting was of little interest to those outside of the bond market, but it was at the 2010 meeting that Bernanke hinted at the second round of quantitative easing, which actually occurred in November that year.

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Ambac shares have lost 90% of their value since January 2007 and William Ackman, a short-seller who runs the hedge fund Pershing Square Capital, has railed against them (to his own benefit), saying the bond insurers could be insolvent by the second quarter because of their exposures to the structured finance market.

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According to the recent Morningstar rankings, the top performing emerging market bond funds this year all have positions in Brazil, with Russia in second place.

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