I think that the way I-Bond interest is calculated is strange. I read one prediction that said the next I-bond resets will be around 1.6% + the fixed component currently 0.4%. The 1.6% was assuming inflation holding steady at the December and January level but February actually dropped a bit. So the 1.6% might be on the high side. Here is a clip from The Money Ninja.
“While we still need inflation data for February and March, if inflation remains at the same level as today, then using the formula from before, May 2023’s variable rate will be revised to 1.60%.”