Benchmark U.S. 10-year Treasury bond yields spiked past 3% for the first time in six weeks Wednesday after a stronger-than-expected reading for private sector job gains in July boosted bets on a faster response on rate hikes from the Federal Reserve.

Payroll services company ADP said U.S. employers added 219,000 new jobs last month, well ahead of the 185,000 consensus. ADP's June figure was also revised higher, to 181,000 from an initial estimate of 177,000, suggesting Friday's employment report from the U.S. Bureau of Labor Statistics could surprise to the upside. Economists are looking for a net gain of 193,000 when the numbers are published at 8:30 am eastern time.

"The labor market is on a roll with no signs of a slowdown in sight," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Nearly every industry posted strong gains and small business hiring picked up."

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked modestly higher at 93.52 following the ADP release, while benchmark 10-year yields hit 3% for the first time since June 13.

The moves come just hours ahead of the Federal Reserve's interest rate decision, expected at 2:00 pm eastern time, which is expected to reiterate the central bank's aim to gradually increase interest rates between now and the end of the year and through 2019. 

"Today's numbers should hopefully bolster the idea that the economy is doing quite well thank you very much, as is the market. And we even picked up the pace in jobs from earlier in the summer showing that momentum in the labor market has been able to outpace trade war pressures," said Mike Loewengart, VP of investment strategy of E*Trade. "The Fed has been decidedly bullish on the state of play, but we'll be interested to hear for any cracks in that positivity today amid stagnant wages and tangible repercussions from tariffs throughout spots of the market," It's not clear that these good times will last through the year."