It seems to me that the issue is that there has been an increase in supply, because of the massive deficit. This means that there are more US Treasuries for sa

It seems to me that the issue is that there has been an increase in supply, because of the massive deficit. This means that there are more US Treasuries for sale than there are buyers. They could sell more by letting the interest rate rise, but that would have major negative effects if a large increase is required.