 Alright, well investors are pretty fearless these days with the VIX falling to its lowest level in 24 years. Here now is Gabrielle Santos, global market strategist at JP Morgan Asset Management. Alright Gabrielle, it's good to see you. What's going on here? Is it truly optimism or is this complacency? So yeah, we did see the VIX fall yesterday on Monday after a business-friendly outcome from the French election and we also have to remember that we continue having a generally positive economic backdrop for investors both here in the U.S. and around the world. But with that said, we do expect volatility whether measured by the VIX or measured by corrections in the market to pick up over the next few months over the rest of the year to what we would consider more normal levels for a risk asset like the equity market. So investors should be mentally prepared for that and it would be considered normal if we did see a little bit more volatility. Alright, but this is an important point because what is driving though this dive? Is it truly optimism that investors are actually pretty, you know, sanguine about the rest of the economy and earnings or is it complacency that, hey, stocks can never go down? No, I think it has its basis on the fundamentals. It has its basis on global economic growth being the best it's been in six years. We did receive some really great PMI data for the month of April just last week. And as we were just saying, removing some of those tail risks on the political side with the French election this weekend. So it's a mixture of fundamentals as well as a mixture of the removal of some risks. However, as we were saying over the next few months, some other risks may pop up and as a result we may see volatility pick up to slightly more normal levels. So with the VIX at this 24 year low, I mean, why aren't stocks surging? Yes, we are at record highs in the NASDAQ and the S&P 500, but how come no real decisive moves higher? Well, we have to remember we've come a very long way already for stocks this year in the U.S. And as a result, it's likely to be a slow grind higher from here. And again, it's going to have to be based on the kind of earnings and the kind of economic growth that we see coming through. And for us, it's a benign backdrop, but it still justifies a market that's only up mid-single digits for the year as a whole. So we wouldn't expect a surge from here unless there's some sort of big catalyst, much more likely to see a slow grind upwards with some slightly more normal levels of volatility in the months ahead. And what do you think is driving, though, the resilience in the markets? Because the slow legislative process and the Trump administration, that hasn't been derailing markets, falling oil prices, investors have largely been shrugging that off. I mean, what's going on here in terms of investors seem to be taking all these market moving events that, you know, enshrined? Really, I think it's looking back at the data that we're getting. And first of all, it's earnings data, right? We're pretty much at the end of the first quarter earnings season with around 89 companies having reported. And it was a very, very strong earnings season. So despite what's happening out of Washington, what we're seeing is some very good economic as well as earnings data coming through. So it's a focus really on the fundamentals and on the numbers that are coming through and much in looking through, let's say, the noise or the headlines that's coming out of Washington, or that may be coming out of commodity markets as well. All right. Gabriella Santos, we'll take this as some good news global market strategist at JPMorgan. Thanks for joining us. Thank you. All right. I'm Scott Gam, and you're watching This Street.