Which brings us to my second point. Recent turmoil in the UK draws attention to the fragility of markets for government debt around the world when they are not, one way or another, being manipulated by governments and central banks. Putting it bluntly, the world in the 15 years since the financial crisis is a world in which the authorities have artificially suppressed the yields on their debt. This is a big reason why bond yields haven’t risen anything like as much as inflation. There are broadly three main ways in which governments have suppressed yields. The first is central banks via their quantitative easing programs. The second is central banks (sometimes the same ones doing QE) via the accumulation of foreign-exchange reserves.

https://www.bloomberg.com/opinion/articles/2022-09-30/the-problems-facing-the-government-bond-market-aren-t-unique-to-the-uk?sref=EcccZSTc