If we are no longer worried about deflation and if the NFP numbers look stellar soon, QE2 could end on schedule or even early. So who will step in and buy the treasuries that the Fed has been buying? I'm not convinced that foreign buyers will increase their buying (but love to hear your argument if you do). I think American citizens will be encouraged to buy (like Japan). The encouragement, imo, will come in the form of an unfriendly stock market.