You might be right -- it could go on for a while. But I'm more than curious as to what happens when rates really do bottom out and begin to rise. How many of us investors in treasuries will try to rush for the exits at the same time? That could get ugly. I still own a few TIPs, but a lot less than I used to. I just saw an insured 5-year CD yielding 2.00%. That is also yielding less than the inflation rate, but it's the best I've seen in a year or two. Maybe if mortgage demand will pick up, that will filter into the bank rates. If that happens, that could be one of the catalysts for rate increases.
However, funny you should ask. Yesterday, at the open I sold a bit of the TIP my daughter is holding....she needed about 5k more to buy a car. So I put a limit order in pre-market. She now has a bit of capital gains along with the monthly distribution income to account for on 15 Apr 13.