NEW YORK, June 2 (Reuters) - Treasury yields were modestly lower on Wednesday morning, trading in a tight range as investors held off from making big moves ahead of private payrolls data on Thursday and the monthly federal jobs report on Friday. The 10-year Treasury yield was last down 2.4 basis points to 1.591%. The benchmark yield has been trading within a range of 1.55% to 1.64% for more than a week. The two-year yield, which reflects investor expectations about rate hikes, has remained anchored since the Federal Reserve cut interest rates near zero last year. The two-year was last down less than half a basis point to 0.145%. After a much weaker than expected payrolls report in April, Friday’s report for May will offer crucial insight into the stability of the labor market recovery. While economic data has shown signs that reopening is driving growth, the labor market recovery has been less established. The Fed has said that it will keep monetary policy loose until maximum employment has been achieved. “I think the 10-years will be in a 1.58% - 1.64% range until at least the ADP number tomorrow, and more likely, the unemployment number on Friday,” said Andy Brenner, head of international fixed income at NatAlliance Securties. “I think you’re going to go to higher rates, but you’re not going to do anything between now and the unemployment number.” Later on Wednesday the Fed will release its Beige Book report, a summary of the state of business across the central bank’s 12 regional districts. The fed funds rate rose on Tuesday to 0.06%, after having fallen to 0.05% on Friday, the lowest since April 30, owing primarily to month-end rebalancing. The fed funds rate is reported the following day at 9 a.m. ET. (Reporting by Kate Duguid; editing by Jonathan Oatis) Our Standards: The Thomson Reuters Trust Principles.