You can find information about and purchase the I bond, sold by the U.S. Treasury, yielding 9.62% if purchased by 10.28.21 at www.treasurydirect.gov. The new rate will be announced on November 1st and will be close to 6.48%. I bond rates adjust every 6 month based on an inflation formula shown below plus a base rate. What will happen next May? This depends on the monthly Consumer Price Index for Urban Consumers used to set the semi-annual yield. The CPI-U came down from 3.12% in Q1 to 3.06% in Q2 to only 0.17% in Q3.
If this continues, the yield will come down significantly next May. I bonds protect against inflation and the yield will move up and down as inflation does.
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