The speaker is trapped in a bedroom where everything seems alive and hostile. The wallpaper has eyes, the pillow has teeth, and something waits under the bed for their feet. Ordinary objects become threats, which gives the poem the feel of a nightmare, or of a panic that makes safe places feel unsafe.
The feeling is mostly fear and helplessness. The speaker is told not to bleed on the white sheets, not to move, not even to think, as if even being hurt must be kept tidy and quiet. Pillows pressed over the ears and the sense that "nobody's listening" suggest isolation, yet the later line "everyone hears you, we're all listening" flips this into being watched and exposed. The poem may be about a body that feels violated or controlled, though it never says so directly. That reading is an inference from the imagery of throats, swelling and bones.
The ending is the most chilling part. The last line appears twice, once in quotation marks and once without, as if the threat has moved from an outside voice into the speaker's own head. The mood is claustrophobic and suffocating.