Even with all the implicit and explicit yield curve control, bond yields are slowly rising.

I am of the opinion that the Controllers can prolong the fiat ponzi for much longer than most think, but will eventually decide to rug.
Why? Because all fiat currencies eventually fail, and the Controllers will definitely decide to fail the current financial system in a carefully preplanned fashion to avoid excess chaos.

If markets were efficient, bond yields would be in the double digits (and then most would realize that with current debt levels this is game over).
However, markets are efficient to constraints.
Most of the bond holders in the system are captive - meaning they are aware that it is a mathematical certainty they will get robbed if they buy bonds, but they are forced to.
So bond yields are fake and managed, just like the prices of most, if not all, assets.
Yield Curve Control (YCC) = Central Bank commits to cap yields on some part of the curve (say 10Y at 4.25%). If yields try to rise above the cap, Central Bank buys bonds in unlimited size to enforce the level.
It's a way to say:
"Beyond this point, the bond market no longer gets to vote on our fiscal/monetary mix."
Yield Curve Control is the bridge that lets the Controllers carry an insane nominal debt pile through inflation surges, regime shifts, and crises, without allowing yields to reflexively spike and force default.
With YCC, the curve is no longer a sensor; it's a policy-controlled output.
You often hear about explicit YCC (Japan style), but the whole fake fiat system is designed around implicit YCC.
The logical question is:
- "Who are these rich retards who keep buying bonds and keep getting robbed just so they can fund their own enslavement?"
Most people/companies who have lots of money usually know that owning bonds is a losing proposition, so you have to force them to buy your useless paper.
States design the rules so that banks, insurers, pensions, and autopilot funds end up long bonds, and then bonds get expropriated in real terms.
This is the path of least resistance.
Retail with direct bonds is rounding error.
So the bondholders are the institutional skeleton that anchors the regime: states, banks, pensions, insurers, big funds, and foreign sovereigns.
Why them?
Because they are controllable, slow, diffuse, and essential. They can't easily run, can't easily revolt, and can be quietly sheared to fund whatever comes next (AI governance).