In fact, if the Fed were primarily concerned with government borrowing costs, it's obvious that the easiest course of action would be to do nothing, let everything collapse into deflation, and watch the world pile into US Treasuries, sending yields even lower than where they are now.Read it at Business Insider
They haven't done this. The Fed is trying to inflate the economy and that means higher rates. The myth that the Fed is motivated by public sector debts is nonsense.
The Biggest Myth About The Federal Reserve
(h/t Scott Fullwiler via Twitter)