Normally, however, ordinary shareholders expect lower yields than preference shareholders and loan stock holders because of their participation rights.

Some market watchers are expecting essentially lower prices and higher yields before setting the basis for a sustained rally in the market.

Both Hutton and Paine Webber expect yields on these bellwether bonds to decline over the course of this year.

Mr. Lieberman expects yields on three-year Treasury notes to peak at 10.5 percent to 11 percent later this year.

But because snow cover was light in the Farm Belt this year, many analysts expect lower yields.

Ms. Conway and many other economists do not expect yields and rates to rise significantly from current levels in the coming 12 months.

He said he expected yields to flatten over the next few weeks.

Still, he said he expected yields to stay in a narrow trading range.

Many bond analysts expect yields on junk bonds to return to their historical relationship to Treasuries.

Investors can expect yields from 9.665 percent to 10.33 percent.