It isn't cetiris paribus, the Fed rate tells us nothing about demand because they purposefully devalue the dollar. The entire world could be refusing to accept US debt except Broke Boris and they could technically negotiate a 4% rate with just him. Assessing demand for US debt has to be linked to real goods/services/assets somewhere along the line or there just isn't anything to say. The BRICS arguably make up around 40% of the world's economy and they appear to be either slowly evacuating or less-interested in treasuries [0]. It is by no means clear that US debt demand is up or even stable.

Great time to own gold, unfortunately. I wish mine had been a bad purchase but with all the "real growth" it has been experiencing I'm probably going to need a bigger vault box.

[0] https://ticdata.treasury.gov/resource-center/data-chart-cent...