Consumer inflation data remains the focus of investors as Treasury yields remain unchanged.

On Wednesday, U.S. Treasury yields remained relatively stable before the upcoming release of the November consumer price index.

The yield increased by more than 2 basis points to 4.248%, while the also rose by more than 2 basis points to 4.172%.

An inverse relationship exists between yields and prices. A basis point is equivalent to 0.01%.

The Federal Reserve's last interest rate decision for the year was preceded by the release of November's consumer inflation figures, which were awaited by investors.

The Dow Jones survey of economists predicts that the consumer price index will increase by 0.3% in October and 2.7% from the previous year. Core CPI, which excludes food and energy prices, is expected to rise by 0.3% from the previous month and 3.3% annually.

The producer price index, which measures wholesale inflation, will be released a day before the November CPI print.

The Fed's monetary policy meeting next week will be informed by the release of the final key economic data points, including inflation insights, on Dec. 18. The central bank will also announce its next interest rate decision and provide guidance on the policy and economic outlook at this time.

According to CME Group's FedWatch tool, traders were last pricing in a roughly 86% chance of a rate cut from the Fed.

Fed policymakers will not be communicating with investors before the rate decision due to a blackout period that prohibits them from making public statements before a central bank meeting.

On Wednesday, investors will be closely monitoring the release of monthly federal budget data.