Ten-year note yields fell toward the lowest level in more than four months as another report showed consumer confidence fell in April, a sign the economic slowdown extends into the second quarter.

Treasury volatility as measured by options dropped to a record-low yesterday.

"Growth is slow," said Dan Greenhaus, chief global strategist at BTIG. "Investors aren’t convinced there’s any reason to meaningfully sell off Treasuries at the moment. Growth remains less than desirable."