Reflecting on the past month, Jeremy Richardson discusses what may be driving strong momentum in global equity markets. Highlights: "Sell in May and go away" seems not to apply this year, as global equity markets have shown strong momentum and reaching all-time highs, despite a challenging news environment, including conflicts in the Middle East and concerns about oil prices impacting economic growth. Markets appear to be embracing a "Goldilocks" scenario of balanced economic growth, with recession fears receding. While stagflation remains a possibility, the consensus leans toward a more stable growth outlook, particularly in the U.S. Early signs of improvement in earnings estimates and forecasts are emerging, which is positive as markets approach the second-quarter earnings season. However, this improvement remains narrowly concentrated among a small group of companies. While soft data, such as surveys, shows signs of improvement, hard economic data remains lagging, reflecting earlier macroeconomic concerns. Investors are closely watching for broader signs of economic recovery.