Three months, so 90 days.
Look, all of us have renewed a mortgage. When rates are nice and low, you lock it in. You don't take variable, especially if you know rates are going to go up. The Governor of the Bank of Canada came before this committee and told us he thinks that rates will go up. They can't go anywhere else but up. I mean the two-year is going at 0.25% right now.
I'm looking at the numbers here, and 83% of the new debt you've issued is two years or less, which means it will come up for renewal in two years. With all of this talk we're hearing from deficit advocates about how now is a great time to borrow because the rates are low, that will be out the window in two years when all of this debt rolls over and has to be borrowed again, presumably at higher rates.
What is the thinking behind this short-term lending when long-term rates are so low?