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Turmoil in the banking sector sparked the biggest one-day rally in short-term U.S. government bonds since 1987, with investors wagering that the economy has entered a new period of vulnerability that could halt the climb in interest rates. 

Worries about inflation that had pushed some bond yields to multiyear highs less than a week ago gave way, with speed that shocked investors, to fresh anxieties about bank runs and financial stability. That shift unleashed a flood of cash to Treasurys, momentum that some analysts said was turbocharged by traders buying bonds to close out bets on higher rates, along with others rushing to join the rally.

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