Interest rates on, 2-year and 10-year sovereign bonds in the US, Germany, Italy, Spain, Japan, and the UK  US government bonds market Increasing term premia effectively means that there is room for a steeper yield curve for a given level of short rates.
The degree of US government yield curve steepening will depend on the pace of policy normalisation by the Fed, on the depth of tax cuts and the level of infrastructure spending. All this could lead to higher inflation expectations and a sharp repricing of term premia.