Two top Federal Reserve officials said policy makers need to take into account tighter financial conditions when they meet next month to decide whether to raise interest rates again.

Investor demand for bonds looks insatiable during 2016’s selloff in oil and stocks, defying the consensus forecast for yields to rise this quarter.

The divergence among global central banks that was supposed to drive financial markets in 2016 barely lasted a month.

Federal Reserve Bank of Dallas President Robert Kaplan said it’s premature to judge what policy makers will decide about interest rates at their meeting in March, as they gauge the implications of a dimmer global outlook for U.S. jobs and inflation.

It’s one of the very few trades that was making money for currency investors, a strategy that was backed by superior economic growth, forecasts for rising interest rates and even the indisputable advantage of being the asset of last resort.

The dollar posted its biggest two-day drop since March, extending a decline that wiped out its rally at the start of the year.