The Treasury yield touched 2.91%, a level not seen since late 2018

US Treasury yields rose on Tuesday, as traders weighed fears of rising inflation and monetary tightening.

return on standard 10-year treasury bonds It briefly touched 2.91%, reaching levels not seen since late 2018. The benchmark price later retreated from those levels, trading at around 2.886% at 6 AM ET.

return on 30 year treasury bonds It fell less than a basis point to 2.9512%. Returns move inversely with prices and one basis point is 0.01%.

Concerns about rising inflation and its impact on economic growth have led investors to sell bonds over the past two months, driving up yields.

Data released last week showed that consumer and producer prices continued to rise in March, which led investors to believe that the Federal Reserve may increase the amount of interest rate hike, in an attempt to control this inflation.

Louis Federal Reserve Chairman James Bullard told CNBC’s Steve Laisman Monday that “a lot has been priced in” regarding the Fed’s actions.

The Russo-Ukrainian war exacerbated price pressures. The World Bank said on Monday it had lowered its annual global growth forecast for 2022 from 4.1% to 3.2%.

ukrainian army says The long-awaited Russian offensive in eastern Ukraine has begunOn Monday, attacks intensified in Slobozansky and the Donetsk operational region in the north and east of the country.

Building permits and housing starts numbers for March are scheduled to be released at 8:30 a.m. ET on Tuesday.

– CNBC.com employees contributed to this market report.