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...