New York, NY – U.S. Treasury yields remained steady early on Wednesday as investors awaited key labor market data and the release of the Federal Reserve’s minutes from its December meeting. The yield on the 10-year Treasury hovered just above the flatline after reaching its highest level in over eight months the day before, while the 2-year Treasury yield saw a slight decrease.

Yields and prices have an inverse relationship, with one basis point representing a 0.01% change. Recent data releases showing a higher number of job openings in November and an uptick in the ISM services price index for December have reinforced expectations that the Fed will proceed cautiously with its rate cut decisions this year.

Investors are eagerly awaiting the minutes from the Fed’s latest meeting, where it reduced its key interest rate by a quarter percentage point. The unexpected hawkishness of the “dot plot,” a closely watched indicator, has left market participants curious about the central bank’s future plans. These minutes are set to be released at 2 p.m. ET on Wednesday.

Additionally, the ADP’s private payrolls report is scheduled to be released later in the day, with expectations of showing the addition of 130,000 jobs in December. This report will precede the official jobs report from the Bureau of Labor Statistics due on Friday, adding to the anticipation and uncertainty surrounding the labor market outlook.