The 10-year yield has reached its highest level in over three years.

• This week, two sets of inflation data will be released, including the March consumer price index on Tuesday.
• The March producer price index is set to follow on Wednesday.
• There are no major economic data releases due out on Monday.

On Monday, the 10-year U.S. Treasury yield hit a three-year high of 2.79%.

On Monday, the benchmark yield reached its highest point since January 2019, with a yield of 2.793%. Yields move inversely with prices, and a 1 basis point is equivalent to 0.01%.

The 5-year and 30-year rates have increased; the 5-year yield has risen by almost 3 basis points to 2.785%, while the 30-year yield has climbed 6 basis points to 2.806%. This has resulted in an inversion, where the 5-year yield is now trading above the 30-year yield.

Recently, there has been an increase in treasury yields, and there are worries that the rise in inflation and the Federal Reserve's plan to tighten monetary policy may hinder economic growth.

Recently, Treasury yields have inverted due to fears, prompting investors to sell short-dated government bonds in favor of long-dated debt. Despite this, investors have emphasized that the yield curve inversion does not necessarily mean a recession and can occur up to two years before an economic downturn.

Invesco's global head of asset allocation research, Paul Jackson, stated on CNBC's "Squawk Box Europe" on Monday that although rising costs are being felt in the economy, he does not believe a recession will occur this year.

He anticipates the global economy to experience approximately 3% growth instead of the previously predicted 4%, while acknowledging that recessionary concerns may resurface periodically this year and cause concern.

Loretta Mester, Cleveland Fed President, stated on "Face the Nation" that she believes the Fed can control inflation without causing significant harm to the economy.

This week, two sets of inflation data will be released: the March consumer price index on Tuesday and the producer price index on Wednesday.

There are no major economic data releases due out on Monday.

The invasion of Ukraine by Russia has caused fluctuations in oil and commodity markets, which have affected stock prices.

— CNBC’s Jesse Pound contributed to this market report.

The corrected version of the story has the correct spelling of Mester's last name.