Since US Treasuries are no longer market priced (and haven't been in many years), the government imposed yield on whatever maturity has no meaning and no significance.
The yield is whatever the Fed committee decides it is. There is very very limited liquidity in the Treasury market, and no price discovery going on at all.
Yes, a decade ago Treasuries was the most liquid market on the planet (by a long shot). But that is no longer the case.
Credit card rates continue to go UP, not down.
Even though car loans are "free" (0% financing etc) -- the financing is actually built into the price, even for used cars. When was the last time a car ad displayed the actual price of the car, instead of lease / financing terms?
At least 80% of new mortgages now are underwritten by the federal government (FNMA, FHLMC, GNMA).... the rates are set by politicians who are desperate to keep home prices elevated (capital gains taxes, property taxes, bank bailout costs, etc).
We all joke about Government Motors no longer being a private entity except on paper.
Its time to acknowledge the US Treasury market is mostly the US government on both sides of trades.