I wrote a thing on Canadian government debt, interest rates, and debt management. You should read it. https://mikepmoffatt.medium.com/federal-bond-durations-the-bank-of-canada-and-other-random-thoughts-c88ff73058de

As always, here's the TL;DR version.

Thanks to two 30-year bond series, issued in the early 2000s, the federal government is paying an extra $1 billion a year in interest thanks to their decision to "lock-in" high interest rates.

In short, the Canadian pundit class simultaneously believes:

- The federal government is spending too much money

- The federal government should spend billions more in interest costs today by "Locking in rates"

Note: That's not necessarily contradictory! Maybe it is prudent to spend less overall but more on interest.

But I haven't seen anyone even attempt to address this.