Summary
- FRNs are getting more intriguing as interest rates rise from near-zero levels.
- They offer protection against rising interest rates, but not rising inflation. That makes FRNs a good complement to TIPS and I Bonds.
- But are they a good idea for a small investor? Will you do better with a 2-year bank CD?
Treasury Inflation-Protected Securities 
David, I make two observations from the confusing changes. 1. For some of these auctions, Treasury is contracting the time…