The US government now has a huge fiscal deficit, which is paying out a lot of money to state workers, and the banks, wanting an asset to match that liability, are buying Treasury bills.

The treasury is getting banks to buy more debt, and by doing so, creating a bond market shortage that's depressing yields.

The US is facing a mountain of obligations in the next 5-10 years, and it's unclear how they will be paid for without debt monetization and ensuing inflationary pressures.

The treasury and fed are acting in concert to manage debt, and are using the 10-year note yield as their target interest rate.

The treasury is issuing a lot of Treasury bills, which is depressing yields and starving investors of long-term coupons.