Yields soared on Monday as markets digested the Federal Reserve's interest rate hikes and absorbed economic commentary from Fed speakers.

The benchmark 10-year Treasury note yielded 3.926%, surging nearly 23 points to its highest point since April 2010. It hit a high of 3.931%.

The yield on the policy-sensitive 2-year Treasury surged to 4.343%. It reached a high of 4.351%, or the highest level since August 2007.

Yields and prices have an inverted relationship. One basis point is equivalent to 0.01%.

Markets continued to digest the impact of the Federal Reserve's most recent policy decisions after the central bank hiked interest rates by 75 basis points last week and suggested it would keep doing so throughout 2022 and 2023 to push back against surging inflation.

The continued rate hikes raised concerns about a recession among some investors and analysts, especially as they have been widening the gap between the yield on the 2-year and 10-year Treasuries, leading to a steeply inverted yield curve. Many view this as a key indicator of economic downturn.

Traders are expecting to gain further insight into the Federal Reserve's economic and policy expectations on Monday as a slew of Fed speakers made remarks. This includes speeches from Boston Fed president Susan Collins, Atlanta Fed president Raphael Bostic and Cleveland Fed president Loretta Mester.

Boston Fed president Susan Collins on Monday cited a need for 'clear and convincing signs' that inflation is falling before easing up on interest rate increases.

— CNBC's Jeff Cox contributed to this report.