I-bonds are better, currently yielding 3.54% (limit $10k/person/year)
This blog post is projecting that the rate might increase to above 7% for I-bonds next month, if that is the case then wait until November to buy them:
https://tipswatch.com/2021/10/13/inflation-report-sets-i-bon...
At this point, wouldn't they have already priced in the inflation? that is, you have to pay more for the right to those inflation-adjusted interest rates.
Well, the idea is that you would have bought those some time ago when everyone was discussing whether or not inflation was a real risk, a transitory one or just a rumor. TIPS are better as a long-term inflation hedge, not a short-term one.
I suppose investment managers can employ a variety of other tactics to protect against US inflation, including FX, commodities, picking stocks with low exposure to inflation / proven ability to pass-through rising input costs to customers, alternative currencies like gold or BTC (though in that case you're really just trading inflation risk for other arguably less well understood risks) and more.
https://www.treasurydirect.gov/indiv/products/prod_tips_glan...