U.S. sovereign bond prices climbed, pushing yields lower on Wednesday as traders picked up safe haven Treasurys after weaker than expected data out of China and the release of the Federal Reserve's Beige Book report.
U.S. labor markets continued to tighten but with little impact on wage growth while manufacturing across the United States is hurting from the recent strength of the dollar, the Fed said.
Overall, U.S. economic activity continued to expand modestly from mid-August through early October, the Fed said in its Beige Book report of anecdotal information on business activity collected from contacts nationwide.
Benchmark 10-year Treasury notes yields fell below 2 percent, after closing at 2.055 percent on Tuesday. It was last trading near 1.98 percent, a five-month low.
Meanwhile, 30-year Treasury yields fell to 2.84 percent after finishing at 2.896 percent Tuesday.
Earlier, investors were reminded of global growth concerns again after Chinese imports fell 20 percent last month and inflation data, released overnight, cooled more than expected last month, adding to concerns about the health of the world's second-biggest economy.