How is the US Treasuries market balanced?

The Federal Reserve is reducing the size of its balance sheet, the US fiscal deficit is increasing, and central banks' foreign exchange reserves are decreasing. All this should result in a rise in US long-term interest rates, but they are falling. Why? Looking at the equilibrium of the Treasuries market, we can see that the market is balanced by purchases by US households and institutional investors. It is therefore US investors' preference for risk-free bonds at the expense of equities and corporate bonds that explains why US long-term interest rates are still very low .