Following Donald Trump's re-election as president, U.S. stock markets have reached record highs, with other risk assets also experiencing significant gains. Market volatility indicators have notably decreased, presenting a puzzling scenario given Trump's unpredictable reputation. Analysts suggest that the post-election rally is largely driven by Wall Street's expectations of favorable policies, such as tax cuts and deregulation, while hoping that potential negative impacts, such as tariffs, will be minimized. However, the appointment of a pro-tariff Treasury secretary could alter this optimistic outlook.