U.S. Treasury yields were little changed on Wednesday ahead of the release of November's consumer price index data.
At 5:50 a.m. ET, the 10-year Treasury yield was at 4.236% after rising by more than 1 basis point. The 2-year Treasury also rose 1 basis point to 4.166%.
Yields and prices have an inverted relationship. One basis point is equivalent to 0.01%.
Investors awaited November's consumer inflation figures, which come the week before the last interest rate decision the year from the Federal Reserve.
The consumer price index is expected to increase 0.3% from October and 2.7% from a year earlier, according to a Dow Jones survey of economists. So-called core CPI, which strips out more volatile food and energy prices, is forecast to have risen 0.3% from the previous month and 3.3% on an annual basis.
The November CPI print comes a day before the producer price index, which tracks wholesale inflation, is set to be released.
These inflation insights are some of the last key economic data points due to be released before the Fed's monetary policy meeting next week. The central bank is set to announce its next interest rate decision as well as share guidance about the policy and economic outlook on Dec. 18.
Money Report
Traders were last pricing in an around 86% chance of a rate cut from the Fed, CME Group's FedWatch tool showed.
Investors will not be hearing from Fed policymakers before the rate decision as they are currently in a blackout period which prevents them from giving public remarks ahead of a central bank meeting.
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Also on Wednesday, investors will be watching out for monthly federal budget data.
