Longer time to maturity implicates larger interest rate risk. But with rates near zero there seems to be only one way to go. In higher interest rate environment

Longer time to maturity implicates larger interest rate risk. But with rates near zero there seems to be only one way to go. In higher interest rate environment Treasury might repurchase bonds with discount. So this is free money. On the other hand if US goes Japanese for next decade or two it might be last chance for holding gov bonds without paying for the privilege ;-)