The breathless excitement, even optimism, with which even seasoned observers of the India-Pakistan relationship received the news of the latest ceasefire agreement between the militaries of the two countries was surreal. Even more bizarre was the vaulting expectations that some reports attached to the news. Suddenly it seemed that the now-on-now-off lovefest between the two inveterately hostile countries was starting once again. Even before anyone could make sense of what exactly had happened, why it had happened, and whether it would sustain, predictions were made about how diplomatic relations would be normalised, summit meetings would take place, and some people even expressed the hope of people-to-people contacts reopening. Ironically, even though reports claimed that only a very small group of top leaders knew what was underway, ‘senior officials’ who were mostly likely out of the loop started waxing eloquent on the future trajectory of the virtually non-existent bilateral relationship. Some of what is being predicted might actually happen. But the moot point remains whether this latest peace move is sustainable. What has changed materially on the ground that makes some people think that a thaw between India and Pakistan is actually occurring? In a word, virtually nothing. And yet, everyone is getting ahead of themselves in conjuring up phantasmagorical images of the future state of relations between the two countries.