Bond investors pushed the yield on the 30-year Treasury bond to a record low.

The U.S. Treasury underperformance pushed the yield spread over Bunds to its most since mid-November at 38 bps.

This pushed the yield down to 5.5 percent from 7.2 percent on Monday.

But the data ignited a government bond rally, which pushed the yield on the two-year Treasury note to an all-time low.

U.S. stocks fell on the manufacturing data, while a government bond rally pushed the yield on the two-year Treasury note to an all-time low.

The price increase in the benchmark U.S. Treasury 10-year note pushed the yield down 3 basis points to 1.59 percent.

A sharp selloff in U.S. government bonds earlier this week pushed the yield on the 10-year Treasury note above 3 percent.

The advance pushed the yield on the 2020 bond down from the highest level since at least 1998, according to Bloomberg generic prices.

Investors seeking safe-haven assets pushed the yield on the five-year Japanese government bonds down to a 16-month low of 0.285 percent on Wednesday.

By comparison, investors' rush to government bonds has pushed the yield on U.S. 10-year Treasuries to record lows, most recently on Thursday at 0.59%.