The 10-year Treasury yield decreases before the release of the consumer inflation report.

On Wednesday morning, the 10-year Treasury yield was slightly lower in anticipation of the release of crucial consumer inflation data.

The yield on the 2-year Treasury was 1 basis point lower at 4.352%, while the 14-month high reached on Monday was around 3 basis points lower at 4.76%.

Yields and prices move in opposite directions, with one basis point equal to 0.01%.

On Tuesday, the recent increase in yields slowed down after it was revealed that wholesale prices had risen less than anticipated in December, alleviating investor worries about inflation.

The Federal Reserve did not change market expectations for keeping interest rates unchanged during its Jan. 28-29 meeting, despite the print.

The consumer price index is due at 8:30 a.m. ET on Wednesday, with economists predicting an annual inflation rate of 2.9% and a monthly rate of 0.3%.

This week, retail sales and housing starts data will be made public.