Stocks plunged after the April 2 "Liberation Day," in one of the worst drawdowns in the market's history. Since then, however, we're basically back to all-time highs and things have been pretty calm in the market. On this episode, recorded live onstage at our June 26 event in New York, we speak to Nomura cross-asset strategist Charlie McElligott, about what's been driving the rally. He says he's seen "relentless" selling of volatility as investors who sold back in April chase the rally. That's culminated in some weird market dynamics. The question, of course, is how long this can continue and what it would take to unsettle things from here.

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