Losses by American investors in German bonds played a role.

If one investor felt strongly about German bonds, perhaps others did, too, and would drive that market higher.

My client wanted to take a big risk by wagering a large sum of money on German bonds rising.

In the markets, the yield on the 10-year German bond fell to 6.29 percent from 6.34 percent.

The 10-year German bond was at 99.78 in late trading to yield 7.29 percent, the same as on Friday.

The yield on the also closely watched 10-year West German bonds was 8.82 percent.

They still carry a big risk premium of nearly three percentage points over the rates on comparable German bonds.

Investors in French and German bonds were also hurt by the dollar, but not so much.

If it were invested in German bonds the trust fund could indeed be used to pay benefits.

Nowadays investing in German bonds means you will lose money either way.