The rates on short term bonds and CDs are insane right now. Over the past few years under ZIRP those instruments were very boring and didn’t give you enough over cash to bother with.
Now is a completely different matter. I’ve been buying three-month CDs through E*TRADE starting at the end of last year to manage cash and the rates went from 5% to 5.25% to 5.5% to 5.7% now. It makes things a little more complicated because you have to look at it and, on real terms after netting out inflation, probably not more beneficial than getting the ~1-2% on cash balances in a money market in the past.
That really brings to light the distortion that comes about with higher inflation. You have to work harder to stay in place. As much as it is painful, I hope the Fed finishes the job and we revert to a more steady ~2% per year.