The 10-year U.S. Treasury yield fell on Tuesday morning, but held above the 3% mark, amid lingering fears around inflation.The yield on the benchmark 10-year Treasury note fell 6 basis points to 3.0164% at 4:40 a.m. ET. The yield on the 30-year Treasury bond moved 7 basis points lower to 3.1322%. 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.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.Stock picks and investing trends from CNBC Pro:Monica Defend, head of Amundi Institute, told CNBC’s “Squawk Box Europe” that “central banks remain center stage and are the big movers of financial markets.”Defend added that real yields in the U.S. were expected to move higher still, but she believed this had been priced into markets.In terms of economic data releases due out on Tuesday, the IBD/TIPP May economic optimism index is set to come out at 10 a.m. ET.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.Meanwhile, an auction is scheduled to be held on Tuesday for $45 billion of 3-year notes.