Most bond market experts anticipate that as the Federal Reserve keeps tapering its quantitative easing (QE), long-term interest rates will rise.

The idea is that the reduction of the Fed's bond purchases will push rates higher. But Daniel Alpert, managing partner at Westwood Capital investment bank sees it differently.

The continuation of tapering and ultimately the end of QE will lead the global bond market to "re-animate to the low growth, lack of demand, oversupply kind of market we’ve had in the macro world for a long time," he told Yahoo.

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The Fed decided last month on its first tapering, cutting bond purchases by $10 billion a month to leave them at $75 billion. Many Fed watchers expect the central bank to continue tapering by $10 billion a meeting, which would put an end to QE in December.

Alpert thinks the Fed will taper again at its gathering that ends Wednesday. The weak December jobs data would allow the central bank to refrain, he says. "But I don’t think they will. The reason is they realize QE has no beneficial returns to the economy as a whole."

Other experts expect another tapering from the Fed Wednesday as well. “I think the Fed is desperate to extract itself from quantitative easing, and it will continue to scale back the program and end it this year,” Bernard Baumohl, chief global economist of the Economic Outlook Group, told MarketWatch.

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