Bonds rose on Wednesday after government data showed the U.S. economy took a much worse bruising in early 2014 than previously calculated.
Despite more recent economic reports illustrating solid growth, yields on 30-year Treasurys fell as low as 3.358 percent, a level last touched a week ago. The bonds last traded to yield 3.377 percent, compared to Tuesday's closing 3.403 percent.
Thirty-year prices, which were already up on buying by investors rattled by fighting in Iraq, were ahead 11/32. Benchmark 10-year notes were up 5/32 to yield 2.563 percent, versus 2.586 percent late on Tuesday.
The yield touched a low of 2.529 percent shortly after the U.S. revision of gross domestic product during January, February and March.
"The GDP numbers were worse than expected, and that's in boldface and capital letters," said strategist Lou Brien at DRW Trading in Chicago. America's GDP fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent drop reported last month, according to the U.S. Commerce Department.
"This means the Fed the next time it forecasts will have to revise downward its 2014 estimates," Brien said. "It just makes them look silly."