Is my intuition of what happened to bond yields and interest rates around 2008 correct?

**Lower market interest rates = higher demand for bonds = higher bond prices = lower yields**
**Higher market interest rates = lower demand for bonds = lower bond prices = higher yields**
This figure from HKT Consultants (2021) shows a decline of bond yields after \~around 2008.
Because yields dropped, it means higher bond prices due increased demand as interest rates dropped.
1) Interest rates were lowered
2) Therefore, investors took to bonds and bought more
3) This drove the price up for bonds
4) Accordingly, bond yields dropped (because higher bond price = lower yield)