Treasury debt is "smelly stuff"? At these yields the market thinks it smells best.
In reality it is the market loading up for short term speculative profits. The t-bill market is strictly pump and dump
Which Treasuries are pump and dump? The six month at 0.183%? The one year note at 0.235%? The two year note at 0.517%?
All of them. Prices are high (those absurdly low yields you pointed out) because the current buyers plan to dump them very soon to someone else who is even a greater believer in deflation. But that entire market wouldn’t exist were it not for the greatest fool at the end of the chain. Obviously nobody at all is going to hold a two year note to maturity in this environment.