Treasuries The hedge funds are in a trade known as the "basis" trade. The regulators are watching this nervously but as one hedge fund guy said - "if we don't buy the treasuries then we don't know who will".
https://www.ft.com/content/a8348e2a-a90f-474c-baa6-8c2eb0e263c2
This is what's going to break unless the rates come down.