Exactly. If foreign investors were getting rid of US denominated assets they would be selling T-Bills. Lowering the price and raising the yield. Exact opposite is happening.
Fed is buying it at even greater amount (soon enough we will see how much money Fed printed to balance the sheet). You can’t say because the price is raising is purely due to no withdraws. T-Bills are also mainly holded by foreign governments, they don’t act as fast as the private investors. I mean Fed don’t set the interest rate by doing nothing. They have to conduct market operations to do it, and usually you cannot have 10 years yield higher than the short term one (am I right about this?). The current bond market is simply reflecting the Fed operation.
