It wasn’t clear that the policies of the incoming Administration would be expansionary overall. The expected fiscal stimulus would have been, but the announced trade policies were rightly seen as likely to harm global growth. Many observers thought the election outcome would be negative for financial market pricing. So it was understandable to downplay reactions when markets instead rose.
Then, over the southern hemisphere summer, it became clear that this was more than a financial market reaction to political events in one country. The outlook had become more positive.