The New Year will have increased volatility and surprises. This will reward patient risk adverse investors who operate in the area of risk-off assets such as investment grade bonds.
The risks to bonds are a rising level of economic growth and rising inflation. I doubt that the global economy will increase its rate of growth in 2017. The problems of Japan, China, the EU, UK outweigh any hope of growth from the US. The rising dollar hurts the finances of EM countries and hurts the ability of U.S. manufacturers to export which could contribute towards creating a recession.
If Trump succeeds in helping workers to get higher pay and restricting imports this would reduce corporate profits. The key paradigm of corporations since 2008 is to increase profits through cost cutting, particularly thru globalization. The end of using offshore subsidiaries to reduce corporate taxation will also reduce corporate profits.  Rising interest rates will reduce profits of non-bank companies.
When profits decline then stock prices will eventually decline and will encourage people to buy bonds.
Typically recessions start every 8 years and so it is about time for one now. Recessions are created when the Federal Reserve tightens, which they are going to do this year. Recessions make inflation drop, which makes bonds go up in value.
Trump’s style of being in favor of business could help to stimulate the economy but his style could also induce businesses that are globalized to reduce their growth rates as they cancel plans to create more foreign based factories and then can’t survive in a high cost domestic environment. A highly mercurial style of governance could induce a higher risk premium for equities into the market, thus making stocks go down.
The reduction of global trade is an obvious risk to global growth which could lead to recession.
The world is in a situation that has never before existed where global debt levels are at extremely high levels and people are addicted to getting more debt at ever-cheaper rates. Eventually the debt bubble will end and then there will be less demand, and yet people will be stuck with debt even if their assets declined. Federal debts were higher in 1945 but total debts for all types of debt are much higher than in 1945.
Bond yields during a recession could revisit their all-time lows (1.38% for the ten year Treasury versus 2.5% now) and stocks could drop 55%.
Investors need independent financial advice about the risks of the Trump stimulus not increasing GDP and ultimately leading to recession and low bond yields.