Concerns surrounding rising interest rates again took center stage after U.S. government debt yields hit highs not seen in several years on Tuesday.

The yield on the benchmark 10-year Treasury note rose above 3.25 percent in early trading, returning to its highest level since 2011. The yield on the 30-year Treasury bond rose above 3.43 percent, its highest level since 2014.

As of the latest reading, the 10-year note yield held at 3.23 percent while the 30-year was up at 3.41 percent at 8:35 a.m. ET. Bond yields move inversely to prices.

The U.S. bond market was closed on Monday for the observance of Columbus Day.

Bond experts have pointed to the robust economic data, signs of inflation and a glut of debt issuance as a reason for the rising rates.

The 10-year Treasury yield has climbed more than 20 basis points over the last seven days amid a report Friday which showed the lowest unemployment rate in 49 years, along with rising wages.

The report adds to the now-widespread view that the labor market is near or beyond full employment and shows wages are starting to accelerate higher. This could be a worry for the Federal Reserve trying to keep a lid on inflation.

Read more in CNBC.