Sovereign currency-issuing governments are figuring out that bonds are no longer a funding mechanism for them. It only took 80+years in America, the nation that first went fiat in 1934. Bond traders are mostly just engaging in a giant circle jerk as they are totally irrelevant to the issuing government’s ability to fund itself. Central banks will always be the gorilla in the room, able to buy any amount of bond issues at any price via shared spreadsheets with their governments at a net cost of 0.