The Bureau of Economic Analysis released its report at the nation’s economic output in the first quarter and the news wasn’t great. The BEA report showed that the first quarter of 2014 saw the first gross domestic product contraction in three years.

That led some to paint the news with a decidedly pessimistic brush.

On the other hand, bond traders “appeared quick to dismiss the uninspiring reading given historically harsh winter weather during the period,” according to Interactive Data.

In its midday report, Interactive Data reported that 30-year agency bonds were up across nearly the entire coupon stack. Freddie Mac 30-year bonds at 3.5% were up 3.75 ticks and Fannie Mae 30-year bonds at 3.5% were up 3.5 ticks at midday.

In the 15-year stack, the 3.5% coupon segment was down for all the agency bonds, but the 3.0% and 4.0% segments were all up by as much as 2 ticks.

“Furthermore, the GDP figure was weighed down by a lower rate of inventory investment, which is widely believed to be a transitory issue, with the recent stronger manufacturing and labor market data expected to help Q2 growth rebound to a more encouraging level,” Interactive Data stated.