people want high fed rates for their bonds.

If you have $$$ and get a five year bond at 3.71% they are betting rates go up and they will stagger up.

Ie buy a five year today at 3.71
buy a 5 year in six weeks at 4.20
buy a 5 year in 12 weeks at 4.71
buy a 5 year in 18 weeks at 5.21

then hope for pivot.

you are loaded up for next 5 years with rates between 3.71 and 5.21

and the USD is the best dollar token there is.

This does not attract a guy without $$$

but if you have $$$ it looks like a good play.