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.
There's a pretty low limit on the amount you can invest in ibonds per year. It's in no way a solution for people looking to protect assets in a bear market.
(not investing advice)
[1] https://www.marketwatch.com/story/bond-markets-facing-histor...