Ctrl/Alt codes don't work on first read of inputrc

[Kyle]

I have the following ~/.inputrc file as a test case (using bash 2.05b 
and Redhat 9):

"\C-j":         backward-char
"\M-\C-j":      backward-char

When I start a new login shell, Ctrl-J functions as I would expect, but 
Ctrl-Alt-J does not.

Then if I do Ctrl-X Ctrl-R (to re-read inputrc), now the Ctrl-Alt-J key 
starts working.  I am unable to get any Ctrl-Alt-key to work on initial 
parse of inputrc.  It always seems to take a second time through to get 
them to work.

Anyone know if this is a bug or if I'm doing something wrong.

Kyle