Before Friday's jobs report, the 10-year Treasury yield neared 4.3%.

Traders analyzed the latest economic data, causing U.S. Treasury yields to slightly increase before the highly anticipated jobs report on Friday.

The yield increased by more than 1 basis point, reaching 4.286%.

Prices and yields move in opposite directions. A basis point is equivalent to 0.01%.

In September, the personal consumption expenditures price index increased by 2.1% compared to the same month the previous year, which is in line with the predictions of economists surveyed by Dow Jones and close to the target of 2% annualized inflation set by monetary policymakers.

The key inflation gauge increased by 0.2% from the previous month, as anticipated.

The number of weekly jobless claims was lower than anticipated by economists polled by Dow Jones, which may increase expectations for the labor market's continued strength.

The upcoming Federal Reserve policy meeting and the U.S. presidential election are scheduled for next week, and investors are eagerly awaiting data on nonfarm payrolls, the unemployment rate, and hourly wages, which will be released on Friday.

"According to Christopher Rupkey, the chief economist at FWDBONDS, the October monthly employment report is expected to decrease due to the Boeing strike and the anticipated hurricanes. However, the weekly unemployment claims data indicate that the economy is resilient and companies are not cutting back on workforce due to a perceived economic downturn."

The FedWatch Tool from CME Group indicates that fed funds futures are currently forecasting a more than 96% chance of the central bank delivering a quarter-point rate cut.

The Fed cut its benchmark rates for the first time since the early days of the Covid-19 pandemic, reducing them by half a percentage point in September.

During the upcoming Nov. 6-7 meeting, policymakers will not be providing remarks based on the data releases or discussing their general policy and economic expectations since they are in a "blackout period."