The recent rise in Treasury yields has largely been a rising breakeven inflation story. Admittedly, it was not a large move, but the 10-year breakeven appears to have bounced off the 1.5% level.
(The 10-year breakeven inflation rate is the nominal Treasury yield less the quoted yield on the 10-year index-linked TIPS. The breakeven inflation rate is [approximately] the inflation rate required for the 10-year TIPS total return to match the 10-year conventional Treasury total return. This should match forecast average expected inflation under the assumption of market efficiency. My book Breakeven Inflation Analysis provides