People are buying the 10 yr to preserve their principal, not to make a gain...or minor inflation loss.
They are somewhat liquid as there is a robust market for them.
But cash is still king.
Much of the market selling has gone into cash. And it will continue to gain in popularity.
I only wish inflation loss was minor for seniors. Grocery & healthcare costs are rocketing up 4 times faster than gov’t CPI. Even Housing & rents are inflating fast. My daughter’s rental in Seattle increased 10% over last year.
When a stock is sold, the buyer puts out cash, so net change in cash is small.
Cash was truly king when long term CD’s were paying double digit interest rates.