The vast majority of HNI wealth is not in treasuries. Some of them have astonishing amounts of money. They own everything under the Sun - obviously some treasuries. There's a lot of rich people - some of them at times are owning a lot of treasuries.

The reality is - a small percentage of treasuries are owned by individuals (including - and mostly - 401ks) - I linked to the data above.

Anecdotal evidence that you helped some people buy treasuries does not dispute that.

Something like ~5% of treasuries are not owned by The Fed, Foreign Governments, Pensions, 401ks, and Banks.

The vast majority of that is owned by bond traders. You're talking about maybe $600B owned by a group of people that has >$30T in wealth. That is basically nothing.