Recent U.S. airstrikes on Iranian targets in early May, described by President Trump as a limited “love tap,” produced a holding ceasefire rather than broader military escalation or regime change in Tehran. Russian operations remain confined to Ukraine without signs of NATO incursion, while oil prices stay below thresholds that would signal supply shocks. No ceasefire agreement between Russia and Ukraine has materialized, the Federal Reserve has not announced rate cuts, and no major invasion or leadership transition has occurred in key hotspots. With scheduled votes in Colombia, the U.K., and Cyprus unfolding without disruption and only two weeks remaining, trader consensus reflects the absence of any triggering event that would shift the market away from “Nothing.”