well...the fed hiked rates many times in 2023 and yet market was bullish. So rate hikes isnt really bearish. If anything, the US govt has to incur a higher amount of debt to plug the bigger deficit due to interest payments. And the only way to finance it is via US Tbills and not US Tbonds. US Tbills are kinda a form of bank reserve to financial institutions (its the most liquid and the most cash-like instrument ).