If the bond traders have gone along with the Clinton/Greenspan changes to the CPI, then there is a very good chance that they are underestimating inflation.
There is a substantial body of economic literature on this CPI issue, both government and non-government. I don't know what your source is, but it seems to be at variance with those whom have some credibility in the field.
Not bond traders.
The entire bond market.
Funny part is, you don't understand the difference.