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yet the debt held continues to increase
Link? This chart makes it look like the amount of debt they hold is falling:
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I think I was mistaken. I believe that referred to balance sheet expansion, not assets (debt) held.
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The selloff is actually kind of concerning. Long term treasuries are now being issued with ridiculous interest rates:
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I don't personally think 5% is all that ridiculous
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It's also interesting that all this tightening is supposed to be shrinking the fed's balance sheet, and yet the debt held continues to increase. There is also a suspicion that unannounced buying by the fed has been keeping treasury yields "in check." The BTFP is probably keeping a few banks afloat right now.