Stock Market News, Oct. 31, 2023: S&P 500 Finishes Day Higher as Indexes End October With Losses

The interest rate on I bonds is now 5.27%, well off the highs above 9% seen last year, according to the Treasury Department. The new rate will apply to bonds purchased over the next six months. The yield rose from 4.3% earlier this year. I bonds are inflation adjusted Series I savings bonds. Backed by the U.S. government, their interest rates combine a fixed component set by the U.S.

Treasury—in this case, is 1.3%, up from less than 1% earlier this year— and a inflation adjustment calculated every six months based on economic data. The bonds mature in 30 years and have a 12-month lockup period. No federal taxes are due while the bonds are held. In late 2022, when investors could obtain in a 9.62% rate, demand for the bonds was so high that it strained the Treasury Department's web site.

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