An I bond is now at 4.28 percent. Are they still a good deal?

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The love affair with I bonds may be over.

Two years ago, investors looking for refuge from the stock market’s unpredictability rushed to the security of inflation-protected I bonds when the rate jumped to an all-time high of 9.62 percent.

But then inflation began to wane, pushing down I bond rates. The Treasury Department announced this week a new rate of 4.28 percent, a drop from 5.27 percent.

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