Treasury sold over $1B of Series I bonds Friday, the deadline for higher rates.

By The Exchange Team

Investors bought record volumes of Treasury Series I bonds on Friday, beating a deadline to lock in a historically high rate of return.

I bonds are a risk-free inflation-linked asset. They're a bright light for investors amid stock and bond market falls this year.

Investors had until Friday to purchase I bonds and lock in a record-high interest rate of 9.62% for six months.

The rate reset on Tuesday, falling to 6.89%, the 3rd-highest on record since the bonds debuted in 1998.

Friday, the Treasury auctioned $979 million in I bonds, roughly as much as in 2018-2020.

When Investors bought little over $1 billion, Treasury Department records show.

Friday saw a record 95,482 new accounts. Investors bought $3 billion in I bonds last week and $7 billion in October, again records.