Welcome to the award-winning Money Distilled newsletter. I’m John Stepek. Every week day I look at the biggest stories in markets and economics, and explain what it all means for your money.

Today, Donald Trump is inaugurated as US president (for the second time). I don’t see a lot of point in subjecting you to wild flights of fancy as to what he may or may not do or what his actions may or may not mean for markets. We’ll find out soon enough.