Neat summary. Seems 'on the money'. The Fed can afford to rationalise its rates for two major reasons. First is as this post indicates. Little effect on real world markets with the long bonds staying aggressive, hence commercial interest remains higher. Second, what is the economy doing? Watch...
I think the yield curve un-inverts fully despite near-end issuance and inflation. With labour force shrinking economy can meaningfully grow only through AI. Russell/bitcoin bid expects a 'hot money' cyclical upswing. FI suffering eases if yields rise above Fed funds, and economic prospects improve.