The Globe and Mail reports in its Saturday edition that U.S. stock markets saw a steady rally on the last trading day before Donald Trump is inaugurated as U.S. president. A Canadian Press dispatch to The Globe reports that J. Zechner Associates chairman John Zechner says markets cruised to their best week since Mr. Trump was elected, despite the uncertainty that lies ahead. He says, "The risk-on trade seems to have come back in the past week." He adds that equities were spurred on by good earnings from the major U.S. banks as well as optimism over some of Mr. Trump's promised policies, such as tax cuts. There was also a promising report on U.S. inflation earlier in the week that helped reignite hopes for interest-rate cuts in 2025. Mr. Trump's inauguration is on Monday. For U.S. markets, the tariffs Mr. Trump has said he will impose could be an upward pressure on inflation, with the economy already remaining stubbornly resilient and expectations for interest rate cuts in 2025 dwindling. Mr. Zechner says: "Unless the economy really starts to break, inflation rates are not dropping. ... There's so many unknowns." He adds that Mr. Trump has made big promises and threats, but it remains to be seen what he will actually do.