U.S. Treasury yields were lower on Wednesday, with investors poised to scrutinize economic data for further clues on the rate cut outlook.

The yield on the 10-year Treasury fell more than 4 basis points to 4.232%, after briefly rising above 4.3% in the previous session to notch its highest level since July. The yield on the 2-year Treasury was down over 2 basis points at 4.094%.

Yields and prices move in opposite directions. One basis point equals 0.01%.

Ahead of the all-important October jobs report at the end of the week, investors will monitor a fresh batch of economic data on Wednesday.

The ADP employment report for October is scheduled to be published at 8:15 a.m. ET, with the Commerce Department set to report the first preliminary reading of U.S. third-quarter gross domestic product data shortly thereafter.

Advance economic indicators for September and pending home sales for September are also due on Wednesday morning.

Traders are betting on a quarter-point rate cut from the Federal Reserve next week, according to CME Group’s FedWatch Tool .

The Fed joined several other major central banks in easing monetary policy when it lowered rates by 50 basis points in September.

Policymakers are currently in a so-called blackout period ahead of their next meeting on Nov. 6-7, which means they will not be delivering remarks off the back of the data releases, or about their general policy and economic expectations.