Beaten-down US Treasuries are proving irresistible to some investors even after Federal Reserve Chair Jerome Powell said he’s ready to raise interest rates again to choke off inflation.

Hedge funds supercharged bearish Treasury bets to historic levels just days before the US banking turmoil took a turn for the worse and spurred a stampede for the world’s safest assets.

Treasuries slid and yield-curve premiums shrank to the lowest in almost two years amid increased speculation the Federal Reserve will deliver more than a quarter-percentage point rate hike in March.