Look at the yields of European bonds compared with U.S. bonds. I see France yielding 0.97% on the 10-year, Germany yielding 0.63%, Italy yielding 1.68% and the U.S. 10-year yielding 2.26%.
What would you rather own? A 10-year U.S. Treasury or Italian bonds?
The central banks have distorted any price mechanism. But in this environment of distorted prices, you can say something is relatively inexpensive and something is relatively expensive. U.S. bonds look relatively inexpensive, so I bought some 10-year Treasury's.