There are several theories as to why there should be such demand for notes of such a miserable yield, but none of them leave me convinced other than the Fed buying them with freshly printed money.
Nobody knows how this ends.
If they are inflation indexed, then perhaps it is people who are hedging against a severe boost in inflation.
Does anyone know what the index used for the rate change is?
How high can the interest rate go?
How frequently does it change.
These are suicide, just as the variable rate mortgages were for many Americans.