Treasuries rates are close to the zero bound.
Why would someone buy and hold treasuries trough maturity ? The answer is convexity. When yields are falling, prices are increasing. The longer the maturity, the higher is the increase of the bond price when rates are falling.
Why would someone buy and hold treasuries trough maturity ? The answer is convexity. When yields are falling, prices are increasing. The longer the maturity, the higher is the increase of the bond price when rates are falling.
With FED's treasury buying, the market is expecting yields to fall and price to increase, especially if QE is the new norm to inject liquidity to the system. Buying TLT, the iShares Barclays 20+ Year Treasury Bond ETF can be in this case profitable. 
One major risk is inflation, as it leads rates to increase and treasury bond prices to decline. The decline is amplified for the longer term maturities, this is called negative convexity. In this case buying TIPS can be a hedge against rate increase for longer term maturities.
To resume, in case of deflation being long treasuries on long term maturities is the right strategy. In case of inflation, buying TIPS and shorting long term treasuries is the best strategy.
If you'd like to know more about Bonds, convexity, duration and the current economic situation. Feel free to subscribe to my free newsletter.
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