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Chris -

I doubt you'll ever get 3 percent fixed on the Series I savings bonds again. Treasury is deliberately vague about how the fixed rate is determined - there are no guidelines to the rate as there have been in the past for other bonds (e.g., the yield for Series EE used to be 85% of the average yield for 5-year Treasury notes). I suspect the fixed rate is arbitrary - it certainly doesn't seem to be connected to the rates on inflation-adjusted Treasury notes, whose yields have come down somewhat, but not an entire point.

So I wouldn't wait until May hoping for a better fixed rate. Either do the math and decide 2 percent is enough, or go another route.

dan
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