That’s actually a function of supply and demand. The Fed does not set the interest rates of Treasury bills, bonds, and other debt instruments, although its policies do affect these rates. Many things can increase demand, such as the recent bank failures that caused large investors to flock to the safety of Treasuries. Conversely, if Republicans don’t raise the debt ceiling and the Treasury defaults on paying interest or returning principle when it is due, there will be crickets at the subsequent Treasury auctions, and interest rates on these debt instruments will soar, in order to attract buyers. Even a strong suspicion of debt default will create turmoil in the bond market. Then, of course, actions in other parts of the world that affect currency value have a ripple effect, depending on how it affects the value of the dollar. With so many moving parts, and trillions invested, the US debt market really does reflect the mindset of global financial markets. Meanwhile, back to making dinner. Something I can actually do something about!