> There’s a fixed component largely controlled by the Fed. Currently this is essential 0%

I mean, it's exactly 0%. https://www.treasurydirect.gov/indiv/research/indepth/ibonds...

> The bond is special because that 8% is really high compared to other risk free instruments. For example, compare that 8% to what you’re earning on your savings account.

Some people might call that special high interest "free money."