The 10-year U.S. Treasury yield fell on Tuesday, dipping below the 3% mark as fears of rising inflation and a potential economic slowdown lingered.
The yield on the benchmark 10-year Treasury note fell to 2.99%. The yield on the 30-year Treasury bond moved about 8 basis points lower to 3.131%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The 10-year rate hit 3.17% in early trading on Monday, its highest level since November 2018. Global stock markets also experienced a sell-off in the previous session, with the U.S. S&P 500 falling to its lowest level in more than a year.
"My view is, what the market needs right now to stabilize is to see a sustained reversal in that 10-year from below 3.2%," Sven Henrich, founder of NorthmanTrader told CNBC's "TechCheck" on Tuesday.
The volatility in both markets in recent days has come on the back of the Federal Reserve's latest policy decision, with the central bank announcing it was hiking interest rates by 50 basis points.
That was in line with market expectations and less than the 75-basis-point hike feared by some. However, investors remain concerned that more aggressive policy moves by the central bank could add to a potential drag on the economy, with inflation soaring.
Russia's invasion of Ukraine also remains in focus for investors. President Joe Biden on Monday pressed Congress to "immediately" pass a major aid package for Ukraine.