Commentary There’s hardly a week that goes by where a news outlet or pundit isn’t calling for interest rates to go significantly higher. As the Federal Reserve further cuts its monthly bond purchases from its quantitative easing program and is expected to end its purchases in March, many still believe there’s little demand for U.S. government debt. Confounding these so-called experts are the monthly Treasury debt auctions, where foreigners continue to purchase large amounts of U.S. government debt. The behavior of foreign investors and central banks baffles most investors and professional money managers. Many look back to the 1970s when inflation seemingly led interest rates higher, so it only seems logical with the year-over-year rate of change in the consumer price index at the highest level since early 1982 that yields must rise significantly. For seemingly unknown reasons, foreign investors and central banks seem overly eager to buy large percentages …