Treasury yields rose early Thursday after Iranian strikes on a U.S. military base earlier in the session prompted renewed pessimism on the likelihood of a swift resolution to the conflict.Traders also await new economic data on the U.S. inflation picture due later on Thursday.The yield on the 10-year U.S. Treasury note — the main benchmark for mortgages, auto loans and credit card debt — increased by more than 1 basis point to reach 4.4945%.The 2-year Treasury note yield, which is more sensitive to short-term Federal Reserve interest rate decisions, was also 1 basis point higher at 4.0534%. The longer-dated 30-year Treasury bond yield, which typically reacts to political risks, was less than 1 basis point higher at 5.0222%.One basis point is equal to 0.01%, and yields and prices move in opposite directions.Treasury yield gains come after a sharp fall on Wednesday when investor optimism helped ease expectations for inflation and Federal Reserve interest rate hikes.Investors will be keeping a close eye on April's core personal consumption expenditures index, one of several economic data releases due out later, amid signs that U.S. inflation remains sticky. The index, which is the Federal Reserve's preferred gauge of underlying inflation in the U.S. economy, is expected to be unchanged from March's print of 0.3%.That would suggest inflation is moving further away from the Fed's 2% interest target and prompt a headache for new chairman Kevin Warsh, according to Richard Portes, professor of economics at the London Business School.Speaking with CNBC's "Europe Early Edition"on Thursday, Portes said Warsh had been "dealt a very bad hand."While President Donald Trump is pushing for lower borrowing costs, Portes said that the economic pressures on Warsh "will be to raise rates, not lower them."Elsewhere, Bureau of Economic Analysis will also publish quarterly GDP growth data, as well as the latest monthly numbers on personal spending and income, as traders look to get a clearer view on the broader economic picture.U.S. Census Bureau will published the latest reading on U.S.-manufactured durable goods orders.