The 10-year Treasury yield rises before the release of jobs data and Fed minutes.

Early Wednesday, U.S. Treasury yields were slightly higher as investors anticipated labor market data and the minutes from the Federal Reserve's December meeting.

The benchmark yield increased by more than two basis points to 4.71%, while the yield was only slightly higher at 4.304%.

Prices and yields move in opposite directions, with one basis point equal to 0.01%.

The unexpected increase in job openings for November and the rise in the December ISM services price index suggest that the Fed will proceed with caution in its rate cut path this year, and as a result, bond yields have risen.

The central bank's key interest rate was cut by a quarter percentage point at its latest meeting, and the closely watched "dot plot" showed a hawkish tone. The minutes from the meeting are due at 2 p.m. ET.

The ADP's private payrolls report, scheduled for Wednesday, is expected to reveal the addition of 130,000 jobs in December, before the Bureau of Labor Statistics' jobs report on Friday.