Your 8% inflation is today. Bond holders forecast what it will be over a 20 or 30 year bond period. Does a startup business base a 20 year business plan on what the P&L will be in year one? No of course not.
The 8% inflation rate is "today."
The SHORT TERM U.S. Treasury yields are less than 0.4% (one month), 0.8% (two month), and 1.25% (six month). Someone is losing a ton of real money on these things.