Couldn't you see a situation with political pressure for quantitative easing to lower borrowing costs and bolster investment in on shoring? I don't see why Trump can't exert political pressure on the Fed to use all of its financial wizardry?
I know the curve steepener seems to be the consensus, but the consensus is so often wrong and there are many moving parts here, and we probably won't know for a couple years how things play out.
If the US economy is blowing up, leading in AI, huge GDP lift from on-shoring and lower taxes, and the rest of the world is going back to ZIRP, what's to prevent the US from doing that too? Run things a little hot and grow the economy back to proportion with our debt load. Play some financial engineering and still maintain a strong (enough) dollar with lower rates and lower regulation and lower taxes.
Maybe it's just wishful thinking, I'm not necessarily betting on this outcome, but I think it's a lot more likely than before the red wave we just had.