Just curious as to the thinking of the FR brain trust.
If your life horizon is short and you desire liquidity, stagger purchase of 13 week bills and keep repurchasing as you see fit.
The answer depends on what your objectives are. If you are first and foremost looking to preserve the principal amount invested, then T-bills are extremely safe in that regard. You will get the value at maturity, and the implicit rate of return. BUT - they will not protect your purchasing power if the rate of inflation is higher than the rate of return.
If you are attracted by the now-higher rate of return (due to inflation), where do you think rates will be at maturity when it is time to reinvest?
If you think rates will go up from here, taking the rate now and then reinvesting later at a higher rate is better than taking a longer duration now and a (presumably) lower rate. You're then "stuck" with a lower rate for longer.
If you think rates will be lower a year from now, then locking in a higher rate for a longer term would be the better choice.
Both of these choices are complicated by the fact that the "yield curve" is inverted - meaning that short-term rates are higher than long-term rates. This doesn't happen often but, when it does, it's viewed as an indicator of an impending recession (or worse).
If your choice is to take a 1-year CD vs. a 1-year T-bill, and the T-bill is currently at a higher yield that the CD, then take the T-bill. If the CD yield is higher, then go that way. Note that FDIC insurance covering your CD is for your principal amount - exclusive of the interest earned. So, theoretically, there's more risk in the CD over the same period. In reality, I've not seen mass bank failures and the FDIC having to cover deposits in a very long time.