During a month when warning signs flashed alarms in other markets — from real-world evidence of the disruptive and potentially disinflationary power of artificial intelligence to rising geopolitical tensions and worries about hidden dangers in private credit — traders flocked to US government debt. A Bloomberg index of Treasuries returned 1.5% in February, while a gauge of long-dated debt gained 4%. The rally is a reminder that, at least for now, the $30 trillion US government bond market has the edge as a safety play, despite doubts that have sprung up about the defensive appeal of US government securities under the turbulent policies of President Donald Trump’s second term.