"a few weeks ago the bond auction wasn't well received, and the...

"a few weeks ago the bond auction wasn't well received, and the rates were higher than expected, so the Fed pulled the auction"

That's right and that's why this time is different. If the fed cuts rates, no one will buy the bonds and the US gov will go broke. That's because cutting rates too soon will cause more inflation and that is very bad for bond holders. So, they have to defeat inflation first and that is impossible without a recession, as history has proven time and time again.

But a recession now will be bad for Biden's election chances and if they keep rates high until the election is over Biden's voters will be hurting and may not vote for him.

IMO, the best plan for Biden is to have a mini banking crisis and to take the credit for fixing it before the election. So that could be what is happening right now.