International QE. (or global to use today’s stupid word that tries to do away with national sovereignty in sheeples minds by coining goofy words).
The Fed is the only real buyer of Treasuries at this point.
They are so incredibly confused on economics that they have lost track of the Three-card-monte / ponzi scheme of QE. They forgot that national boundaries do matter. Even worse than QE of dollars within the U.S. is QE of dollars to other nations, who need to buy things from us - or buy perhaps raw materials like food or oil - in order to make use of the dollars. This will further push up the prices of raw materials as these hot dollars are borrowed and then invested. They may also inflate stock markets. Long story short, the inflation may well bounce back and hit them in the face like hitting a basketball with a baseball bat.
The sooner this is all unwound the better.