Osi,
Bond market is telling you what to expect: Trump stimulus is good for growth, medium term is inflationary, the US has decided not to import deflation from ROW. Long(er) term if the migration policy will hit supply i.e. expect constrains.
That is true even with little change in trade policy. Markets are correct - not much economic pain because all the bad consequences will be borne by other people than themselves...i.e. not great for USTs.
