The 10-year Treasury yield hit 2.145% on Monday, its highest level since July 2019, with investors focused on the Russia-Ukraine war and the Federal Reserve's decision on interest rates.
The yield on the benchmark 10-year Treasury note last jumped 12 basis points to 2.142%. The yield on the 30-year Treasury bond rose 11 basis points to 2.481%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Fighting intensified around the Ukrainian capital of Kyiv over the weekend, while Russian forces bombarded cities across the country, killing citizens who are unable to escape.
Russia and Ukraine resumed peace talks on Monday, in a bid to establish a solid cease-fire.
In addition to the war in Ukraine, investors are also looking ahead to the outcome of the Federal Reserve's two-day policy meeting, which starts on Tuesday.
The Fed is expected to announce on Wednesday that it will be raising its target funds rate by a quarter of a percentage point from zero.
Bob Parker, investment committee member at Quilvest Wealth Management, told CNBC's "Squawk Box Europe" on Monday that central bankers around the world do have to "rein in inflationary expectations."
"I think the central bankers in the short term — and the short term, let's between now and the end of the third quarter — have no choice but to tighten monetary policy," Parker said.
"Now having said that, it's a major problem because the global economy is starting to slow down," he said, adding that he would be surprised if the Fed cut its economic growth forecast for the U.S. down toward 2%.