Which would lead to inflation right? Leading to these bonds having even lower value?

Showing that you don’t want to be the last one out since either the risk or inflation hits you.

we've played this game before

>The fed would almost certainly intervene aggressively resuming large scale QE to buy up treasuries and stabilize yields.

Indeed and QE is a major inflationary pressure.

What if the fed ceases to exist soon?

don't worry, because financial ouroboros