I'm not 100% sure how to answer the first question. Yes, in a way, but those aren't tradable instruments any more - they're part of the Fed balance sheet. And t

I'm not 100% sure how to answer the first question. Yes, in a way, but those aren't tradable instruments any more - they're part of the Fed balance sheet. And technically, the Fed isn't government. Yeah, I know.... This is the point - no more bond vigilantes as in days of yore. Bonds are smooth sailing on calm seas. This signals that everybody's on board with the low rates. So this signals a lack of concern without deficits/debt.