Is the Treasury Market Dysfunctional?

The recent bout of volatility wasn't nearly as bad as we'd seen in some previous instances. But at what point do the current events in the Treasury Market become a problem for the Fed, or at least something that it feels it has to push back against? So I think the memory of last March is that not just that rates were moving a lot, but that price discovery was broken. The question is, can markets assign realistic prices to securities in a realistic period of time and at a decent enough size to facilitate the broader functioning of the market? Or are they introducing the risk of a market failure in which there just is not enough intermediation capacity to keep things flowing? That's much more