I-bonds (lots of restrictions apply) are the instrument that loses the least value in this macro. Bonds have seen a spectacular haircut over the last 18 months [1]. You’re up against duration risk. Treasuries are only federally taxed, CDs are fully taxed, so a strategy some adopt is a short term treasury ladder until Fed go forward benchmark policy crystallizes (which leads to more firm asset class pricing information), at which point you possibly rebalance or reallocate.

(not investing advice)

[1] https://www.marketwatch.com/story/bond-markets-facing-histor...

I felt they are inflated since around 2014. They might even be inflated and you still don't know when they will crash.

Until then by going long bonds or similar shenanigans you risk not making enough while waiting for the crash.