Weak Demand for 30 Year Bonds

The government auctioned new 30 year bonds today and found weak demand. Most of the bonds were apparently bought by Wall Street dealers as bids from foreign buyers was very weak. That could be due to Asians celebrating the Lunar New Year. Or it could be because no one wants to lend the government money at less than 4.5% when the Fed is busily creating bunches of new dollars. One or the other.