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Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along
Speaker 2: with Lisa Bromwitz and Amrie Hortern. Join us each day
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Speaker 2: Terminal and the Bloomberg Business Apples to Shanada Morgan Stanley
Speaker 2: right in the following. Markets have been extremely active over
Speaker 2: the past month as traders have duced up the already
Speaker 2: a brilliant scenario baited into equity valuations, adding improved odds
Speaker 2: of a Republican sweep to the list of goodies already discounted.
Speaker 2: Lisa joins us, now for more. Lisa, that's quite a quote.
Speaker 2: Good morning to you.
Speaker 3: Good morning.
Speaker 2: Are you suggesting this market's gone a little bit too
Speaker 2: far and things stretched?
Speaker 1: Absolutely? I mean, you know we've been talking about for
Speaker 1: a while that on a valuation basis, this is a
Speaker 1: very expensive market, on very ambitious earnings expectations. Let's just
Speaker 1: take a step back and think about what companies have reported.
Speaker 1: All right, if you look at the twelve month trailing
Speaker 1: earnings for the quarter end of June thirtieth year over
Speaker 1: year s and P five hundred profits, including the MAG seven,
Speaker 1: we're growing at about five percent year over year in
Speaker 1: the quarter so far. What's been reported in the mag
Speaker 1: seven haven't all reported.
Speaker 3: Yet, we're up three percent.
Speaker 1: The expectation for full year twenty twenty four is we're
Speaker 1: going to get to a year over year compare up
Speaker 1: nine to ten percent, and then next year we're going
Speaker 1: to accelerate to fifteen percent. So these are ambitious reacceleration numbers.
Speaker 1: And so you know, when we think about what's baked
Speaker 1: in and why we said there's a lot of goodies here,
Speaker 1: there's a view that we're going to get that reacceleration.
Speaker 1: It's going to be base on margin expansion profit margins
Speaker 1: that are higher, but it's going to be so called immaculate.
Speaker 1: We're not going to cut jobs to get there, which means,
Speaker 1: you know, you've got to get productivity gains. And with
Speaker 1: all of this wonderful news happening, the Fed's going to
Speaker 1: keep cheerleading from the sides and cut you know, twenty
Speaker 1: five BIPs a quarter at least, and so and then
Speaker 1: the you know, the latest is, you know, all goes well,
Speaker 1: we get a red sweep in Washington, there is no
Speaker 1: more regulation, we get goodies like taxes. None that tax
Speaker 1: is a and yeah, and the world is a wonderful place.
Speaker 1: And so I guess you know, from where we sit,
Speaker 1: we just look at risk premiums, and so, you know,
Speaker 1: as Lisa was just talking about the importance of this
Speaker 1: move in the treasury markets, why are stocks shrugging it off?
Speaker 3: Right?
Speaker 1: I mean, typically this kind of move on the long
Speaker 1: end of the curve, particularly as underlying real rates approach
Speaker 1: two percent, which historically has been that obstacle for stock valuations.
Speaker 1: I think it's a bit dangerous for the stock market
Speaker 1: right here to be shrugging this off.
Speaker 3: This is a significant move.
Speaker 1: We've seen moves in the real rate, in inflation expectations,
Speaker 1: in term premiums, in auction performance, and so I'm very
Speaker 1: focused on watching these moves in the yields.
Speaker 4: And the bond auctions, which is the reason why we
Speaker 4: will always welcome you on this show. So there's a
Speaker 4: question here about whether yield's rising for the right reasons
Speaker 4: will actually be supportive to the equity market. And that's
Speaker 4: been an argument that a lot of people have made,
Speaker 4: and we've gone over quite a bit on this show,
Speaker 4: and there's a question of why you think that the
Speaker 4: yield rise that we're seeing right now is for the
Speaker 4: wrong reasons, or if it doesn't matter. It has reached
Speaker 4: it has breached that threshold where it needs to be
Speaker 4: something that stock investors start to pay attention to.
Speaker 1: Look, I think that the bond market has this right.
Speaker 3: I do think real growth has been better. I do.
Speaker 1: I am in the camp that says inflation expectations and
Speaker 1: the potential for an inflation boomerang next year is actually rising,
Speaker 1: especially if you bake in the part of the story
Speaker 1: about a red sweep.
Speaker 3: You don't get the red sweep with again all the.
Speaker 1: Goodies but none of the collateral damage, which as we know,
Speaker 1: you know, tariffs and closed borders could be inflationary. So,
Speaker 1: you know, I do think that the bond market is
Speaker 1: anchoring on you know, some hypotheses that's very anchored in
Speaker 1: the data. And I do think that the stock market
Speaker 1: is going to have to wake up and pay attention
Speaker 1: at some point.
Speaker 5: So what do you do with that?
Speaker 4: I mean, you just sort of go into gold and
Speaker 4: go into a bunker and hope for the best.
Speaker 1: So what we're what we're doing is we're really focusing
Speaker 1: on value and diversification. We're saying, valuation in this market matters.
Speaker 1: So we're playing in the parts of the stock market
Speaker 1: that are somewhat you know, cheaper, quite frankly, and so
Speaker 1: that has included some of the value Codhord, It's included financials,
Speaker 1: it's included a handful of industrial as a handful of
Speaker 1: healthcare stocks. And that's really been our approach is to say,
Speaker 1: let's even it out, let's not take very big bets
Speaker 1: here and and aim.
Speaker 4: For some diversification. Financials is a trump bet. And yet
Speaker 4: you're saying it's actually a very different bet.
Speaker 1: I thank you for pointing that out. Yeah, our preference
Speaker 1: for for financials is not premised, uh necessarily on some
Speaker 1: big deregulatory push. We think you know that that basil
Speaker 1: two endgame easing of those capital requirements is going to
Speaker 1: happen regardless. We think that that's already you know, kind
Speaker 1: of been.
Speaker 3: Signaled by regulators.
Speaker 1: What cas Us excited about financials is not just the
Speaker 1: potential for cost cutting and operating leverage, but the capital
Speaker 1: markets activity really looks like it's going to come back
Speaker 1: over the next two years, as you know, financial sponsors
Speaker 1: and the private equity guys finally get off the sidelines
Speaker 1: with these kind of market valuations and start transacting and
Speaker 1: doing deals.
Speaker 3: Lisa, what the red sweep.
Speaker 6: You get the goodies along with some of the potentially
Speaker 6: the bad things that can hurt the financial markets.
Speaker 3: But what if it's not. What if the.
Speaker 6: Polling and the betting markets are underestimating the support Kamala
Speaker 6: Harris and some of these democrats have with issues like abortion,
Speaker 6: How are you going to think about the next few years.
Speaker 1: Yeah, so, look, I think that there's you know, a
Speaker 1: Harris when at this point, I do think markets would
Speaker 1: be surprised.
Speaker 3: I do think we.
Speaker 1: Got somewhere between you know, two and five percent pullback
Speaker 1: on that because I do think that there's been you know,
Speaker 1: some pretty big rotation. But I think you get a
Speaker 1: lot of status quo type moves, right. I think we
Speaker 1: continue to get a continuation of the fiscal stimulus programs
Speaker 1: that we saw under the Biden administration. But we you know,
Speaker 1: we don't get necessarily, you know, some of the issues
Speaker 1: and the inflation threats. So we continue maybe on this
Speaker 1: soft landing trajectory as opposed to this no landing trajectory.
Speaker 1: So I think the bond market comes back in as well.
Speaker 3: But oh so you think the bond market. I think
Speaker 3: yields come back in.
Speaker 6: And that's all about fiscal spending.
Speaker 1: Yeah, I do because because her plans if you actually,
Speaker 1: you know, do the analysis, and our team has done it.
Speaker 1: Fiscal deficits under her current plan to be are going
Speaker 1: to run about half what he's proposed so far.
Speaker 2: So hard to game this out if you think about
Speaker 2: twenty sixteen, and we always go back to this. Trump
Speaker 2: was parished for markets. Yeah, up until the night of
Speaker 2: the election, and then we woke up two, three, four
Speaker 2: am in the morning and all of a sudden it
Speaker 2: was bullish right to twenty twenty. Throw the scenarios out
Speaker 2: the window. We got the vaccine FC data in November
Speaker 2: twenty twenty. Everyone seems to forgotten about that. It had
Speaker 2: nothing to do with the election. That's all the markets
Speaker 2: Lisa absolutely rip that month.
Speaker 4: Yeah, So here's the question, how much is it the
Speaker 4: setup going in versus the actual candidate themselves and this
Speaker 4: time around, and we've talked about this. If he can
Speaker 4: implement the tariffs but he can't get rid of some
Speaker 4: of the regulations and the taxes unilaterally in the same speed,
Speaker 4: does that change that dissonance the reaction function of markets.
Speaker 5: Lisa, this was a clinic. It's good to see you.
Speaker 2: I appreciate it as a thank you for coming in, Lisa.
Speaker 2: Shan At there of Morgan Stanley, John.
Speaker 5: Leeper, if you write your group joins us.
Speaker 2: Now, John, let's just start with the Harris campaign accusing
Speaker 2: the former present of being a fascist during parallels with
Speaker 2: Nazi rallies of decades ago. When you look at the polls,
Speaker 2: when you look at where things around a week away
Speaker 2: from the election, is any of it landing.
Speaker 7: No, it doesn't seem like it. I mean, nothing's moved
Speaker 7: in this race except for one big event, which was
Speaker 7: Joe Biden dropping out. Otherwise it's been pretty steady. You
Speaker 7: have seen some movements among subgroups, particularly independent voters, which
Speaker 7: were shifting towards Harris and now moving back towards Trump.
Speaker 7: But you look at kind of any of the big
Speaker 7: set pieces of the campaign, the DNC, the RNC, even
Speaker 7: Trump's assassination event attempt. You weren't seeing big movements, and
Speaker 7: you're not really seeing them in the closing days. In fact,
Speaker 7: one of the big markers of this campaign has been
Speaker 7: how incredibly steady it is and how most people's views
Speaker 7: of both of these candidates are totally baked.
Speaker 4: In, you know, and John I was thinking a lot
Speaker 4: about this last night, how a lot of this is
Speaker 4: cultural works kind of coming to the Ford. It's the
Speaker 4: reason why we're seeing a massive gender gap. And on
Speaker 4: one side you have the preeminence of cancel culture and
Speaker 4: sort of people who are really looking for potential issues,
Speaker 4: and you have other people who say anything and it
Speaker 4: doesn't really register.
Speaker 3: That's why I think it's notable.
Speaker 4: Has this incident at masis the Square Garden broken through
Speaker 4: in a way that some of these other comments really haven't.
Speaker 7: Well. I think the risk is that it's a really
Speaker 7: close election and you've got about half a million Hispanic
Speaker 7: voters in Pennsylvania, many of whom are from Puerto Rican origin,
Speaker 7: so it's entirely possible that it doesn't take a big
Speaker 7: movement in the polls or even a big event that's
Speaker 7: going to be the thing that decides this election. I mean,
Speaker 7: it would be extremely ironic if it were a unfunny
Speaker 7: joke from a no name comedian and an unnecessary rally
Speaker 7: in Manhattan that ended up costing the Trump this election.
Speaker 7: But an election where the two candidates are going to
Speaker 7: be separated by as few as ten or twenty thousand votes,
Speaker 7: that is completely plausible in this election cycle, which is
Speaker 7: why these Puerto Rico comments and the other comments from
Speaker 7: the Manhattan rally are resonating so much. And has Trump
Speaker 7: trying to do damage control?
Speaker 4: John, what do you make given how close this is
Speaker 4: of the fires for the ballot boxes that we saw
Speaker 4: in Washington State, some of the supposedly only one hundred
Speaker 4: or a couple of hundred different ballots were destroyed. But
Speaker 4: how much is there that risk going forward of this
Speaker 4: type of activity increasingly?
Speaker 7: Yeah, I think there's a lot of risk of that.
Speaker 7: And you have to acknowledge that the Republicans have been
Speaker 7: convincing themselves for the last four years that the election
Speaker 7: was stolen, and in doing so, have basically studied some
Speaker 7: good techniques of how to try to steal an election.
Speaker 7: So I think that's a big factory. I mean, I
Speaker 7: don't think it's a big going to end up being
Speaker 7: a big factory here. But the thing that I think
Speaker 7: we should keep our eye on are is people's trust
Speaker 7: in the system. So one of the problems we're trying
Speaker 7: to tampering we're trying to tamper with the ballot box
Speaker 7: is you don't know whose ballots you're burning, so you
Speaker 7: can target different neighborhoods and have you know, try to
Speaker 7: go after different demographic groups who you think are have
Speaker 7: a higher propensity to vote one way or the other.
Speaker 7: I mean, Washington State is not going to vote for Trump,
Speaker 7: we know that, but you know, I do think that
Speaker 7: this is going to be an issue where people lose
Speaker 7: faith in the process if they see that proper safeguards
Speaker 7: aren't in place to protect the sanctity of every single
Speaker 7: person's ballots, and that long term, has a really negative
Speaker 7: effect on people's belief in the fairness of the system.
Speaker 7: And it's how you get a majority of Republicans believing
Speaker 7: the last election was stolen. And I think that's a
Speaker 7: very dangerous and disturbing trend.
Speaker 6: Washington State's not going to vote for Trump, but where
Speaker 6: this ballot box was. It's in a congressional district where
Speaker 6: the Democrat incumbent is facing a very tough challenge from
Speaker 6: Republican Just when you look at the map, John right now,
Speaker 6: the Harris campaign thinks they can hold the blue Wall.
Speaker 6: The Trump camp they thinks they can at least take
Speaker 6: one of those states. When you look at Wisconsin, Michigan,
Speaker 6: and Pennsylvania, which one is most ripe to flip?
Speaker 7: I think, to me, it looks like Harris is the
Speaker 7: weakest in Michigan. She's got big problems with Arab American voters,
Speaker 7: and she's been a little bit weaker with white voters
Speaker 7: than she's been in other places. And so I think
Speaker 7: that's the place where the Trump team had things They
Speaker 7: have probably the best opportunity. Pennsylvania is obviously the biggest
Speaker 7: and most important state and the one that is very
Speaker 7: very close in the polls. Wisconsin seems like it's shaded
Speaker 7: a little bit towards Harris. So if I had to
Speaker 7: choose one, I would say Michigan is going to be
Speaker 7: the big battleground in this election.
Speaker 3: It's easy.
Speaker 6: It's interesting you chose Michigan because in Wisconsin and Pennsylvania,
Speaker 6: those are the two Senate races that are now looking
Speaker 6: more like coin tosses when they were leaning Democrat. Do
Speaker 6: you think those Senate races could go red but the
Speaker 6: top of the ticket and those states go blue.
Speaker 7: Yeah again, I mean, it doesn't take much in this
Speaker 7: cycle for you don't need a lot of split ticket
Speaker 7: voters for something like that to happen. I think all
Speaker 7: three of those races are competitive. In Wisconsin, Baldwin and
Speaker 7: in Pennsylvania, Casey has the benefit of being incumbents, and
Speaker 7: incumbency brings high name recognition and that does help incumbents
Speaker 7: survive even very good challengers in a decent year for
Speaker 7: the out party.
Speaker 2: Hey Jump, good to get your thoughts. As always. John
Speaker 2: Leber there of Jurasia Group The Cook Political Report, writing
Speaker 2: Trump's closing argument his campaign says is this Harris broke it.
Speaker 2: Trump will fix it. And yet even with all these advantages,
Speaker 2: the race remains locked in a dead heat. The reason
Speaker 2: for this, of course, is Trump himself. The Cook Political Reports.
Speaker 2: Jessica tay That joins us now for more. Jessica, welcome
Speaker 2: to the program.
Speaker 3: Thank you.
Speaker 2: I was good to see you in person. There is
Speaker 2: this stat in your research, and I'm going to share
Speaker 2: it with our audience. There is no Trump policy that
Speaker 2: comes without his polarizing behavior, style and approach. And this
Speaker 2: timber Coook Political Reports, Swing State Project poll just thirty
Speaker 2: four percent of voters that they like Trump's policies and
Speaker 2: his leadership style.
Speaker 5: How much of a problem is that for the former president.
Speaker 8: I mean, I think that if this was sort of
Speaker 8: a generic Republican, this race would probably be over. It's
Speaker 8: voters have to make a choice of Okay, you liked
Speaker 8: where the economy was under Trump, but you get all
Speaker 8: of these other all of the rest of this baggage
Speaker 8: that comes with him. So that's where we're seeing Harris's
Speaker 8: closing message. You know, he's he's an authoritarian, he's a fascist.
Speaker 8: This is the chaos trying to remind them of people,
Speaker 8: and I think some of the things that came out
Speaker 8: of that, you know, Madison Square Garden rally, he's he's
Speaker 8: having to answer for them.
Speaker 3: Today.
Speaker 8: He's going to Pennsylvania, Allentown, where there's a large Puerto
Speaker 8: Rican Hispanic population, and that is now the story in
Speaker 8: this final week before before the race. It's not focusing on,
Speaker 8: you know, how he would be a change. He's trying
Speaker 8: to make it a focus on how he would be
Speaker 8: a change from a Biden Harris administration. But Harris and
Speaker 8: Democrats are arguing, yes, but he was a change, and
Speaker 8: you're going to get all of this chaos, You're going
Speaker 8: to get all of this sort of insanity back again.
Speaker 6: Just are you seeing anything in the polls that Trump
Speaker 6: is going to be able to go past that ceiling
Speaker 6: that he's basically been capped at.
Speaker 8: Yeah, this is the real question, and this is why,
Speaker 8: you know, I think the polls. I think that's the
Speaker 8: thing at the back of our head is that the
Speaker 8: Poles were wrong in twenty sixteen, they were wrong in
Speaker 8: twenty twenty, but like they're still capturing about where he
Speaker 8: was at. They sorted this forty seven forty eight percent,
Speaker 8: and that's what we haven't seen. We really haven't seen
Speaker 8: him grow his coalition. So the question is, I think
Speaker 8: with these undecided voters, did they sort of go over
Speaker 8: to him, did they stay home? Does Hairs get them
Speaker 8: in her coalition? I think that's the real question as
Speaker 8: we're looking at some of this swing state polling that's
Speaker 8: just very deadlocked, and.
Speaker 6: Cook Political Report now has it as a toss up race.
Speaker 8: For presidential Yes, all of the seven swing states we
Speaker 8: rate his toss up, so it is as close as
Speaker 8: it can be out. I mean, the poles I continue
Speaker 8: to see out, private and public.
Speaker 3: All are within just one or two points. Basically.
Speaker 6: The financial markets, though, are pricing in a red sweep.
Speaker 6: Part of that has to do with the Senate map,
Speaker 6: and you've done some great work on actually senators are
Speaker 6: defending seats Democrats in Wisconsin, in Pennsylvania but actually might
Speaker 6: be toss ups.
Speaker 8: What does the map look like today? The map is
Speaker 8: favoring Republicans. And that's why if we're looking at a
Speaker 8: Republican trifecta that's more most likely to flip has always
Speaker 8: been the Senate. That's because Democrats have a fifty one
Speaker 8: to forty nine majority, but they're already we already know
Speaker 8: they're going to lose West Virginia. John Tester in Montana
Speaker 8: is the underdogs. So that gets you to fifty one
Speaker 8: for Republicans. Right then, then the question is, as you mentioned,
Speaker 8: the races that we've seen tighten up in the past
Speaker 8: few weeks have.
Speaker 3: Been those blue wall states. Wisconsin.
Speaker 8: Ohio is the next, probably with shared Brown that's still
Speaker 8: a very difficult state and a state that Trump won
Speaker 8: by eight points. But I'm seeing tightening polls in Wisconsin
Speaker 8: with Tammy Baldwin and Eric Covevey there. In Pennsylvania, that's
Speaker 8: the race that we moved last weekend to toss up
Speaker 8: with Bob Casey and David McCormick there. Michigan still remains closer.
Speaker 8: I would probably still rather be a slightly Ilissa Slotkin
Speaker 8: in that instance, but they're all very close.
Speaker 3: We've seen those races just close.
Speaker 8: So I think as the presidential race goes, probably the
Speaker 8: Senate races go Because in twenty sixteen, every single Senate
Speaker 8: race went the same way as the presidential race. In
Speaker 8: twenty twenty, only Susan Collins managed to win, even as
Speaker 8: Biden carried her state. So I think we're seeing a
Speaker 8: delta of just a couple of points. I think we
Speaker 8: could see split tickets in Arizona, for instance, where Trump
Speaker 8: is favored there but the Democrat Ruben geyego is so well, how.
Speaker 4: Can you just walk us through what a red wave
Speaker 4: looks like, what a red sweep looks like. Given the
Speaker 4: fact that not all Republicans are the same, not all
Speaker 4: Democrats are the same, how much are we looking at
Speaker 4: Trump truly having a clutch over the Republican Party in
Speaker 4: a way where he could get through his policies very easily,
Speaker 4: even with just a simple majority.
Speaker 8: I think that's why you see Republicans that are wanting
Speaker 8: to get to, you know, fifty three to fifty four seats,
Speaker 8: because if it's just a very narrow fifty one to
Speaker 8: forty nine majority, the most important people in the Senate
Speaker 8: become the moderates Lisa Mkowski of Alaska, Susan Collins of Maine,
Speaker 8: who's up for reelection in twenty twenty six if she
Speaker 8: runs again. They have such a favorable map they want
Speaker 8: to take advantage of this, especially if you see Trump
Speaker 8: winning and I think the House is very deadlocked. You
Speaker 8: only need four seats one way or the other. We
Speaker 8: see that as a toss up. And you know, there's
Speaker 8: some places where in here, in New York and in
Speaker 8: California that are more democratic areas that Republicans need to
Speaker 8: run ahead of. But then we have seats in Michigan
Speaker 8: that are I think going to be very very close
Speaker 8: as well. So you know, I think that probably is
Speaker 8: the way the presidency goes, Probably the House goes as well,
Speaker 8: But that's why Republicans want to sort of get that
Speaker 8: bigger majority.
Speaker 3: Gives President Trump a possible cushion.
Speaker 5: When we talk.
Speaker 4: About what's going to potentially change the outcome, everyone talks
Speaker 4: about turnout and potentially who has the better ground game,
Speaker 4: who has the better around voting game.
Speaker 3: What are you seeing on that front?
Speaker 8: Democrats have a very sophisticated operation that is sort of
Speaker 8: their bread and butter, getting those people out, knowing where
Speaker 8: to target them, and that I do hear some concern
Speaker 8: among Republicans because the Trump campaign has largely sort of
Speaker 8: farmed us out to Turning Point USA to Elon Musk.
Speaker 8: But then we also are seeing some encouraging early voting
Speaker 8: signs in places like Nevada, wherects typically have a very
Speaker 8: strong ground game. There Republicans are having much better turnout,
Speaker 8: you know. But I think it's a question of have
Speaker 8: Republicans sort of learned to love early voting or encourage
Speaker 8: their people. So is this sort of cannibalizing their early
Speaker 8: their election day voting that we typically see is more
Speaker 8: Republican or is this indicative of just more Republican enthusiasm
Speaker 8: than Democratic enthusiasm. We sort of won't know until that
Speaker 8: election day turnout. But Republicans banking votes early because in
Speaker 8: the Vada, for instance, we saw that Senate race decided
Speaker 8: by just a few hundred votes. That you know, if
Speaker 8: they'd sort of emphasized early voting early on, they might
Speaker 8: have won that Senate scene and that could have been
Speaker 8: the They would have had it much closer, you know,
Speaker 8: Senate this passed.
Speaker 6: Rump gave a nod to this at the garden, and
Speaker 6: you have seen the R and C do a lot
Speaker 6: more work to say early voting is safe.
Speaker 3: You should go out vote early. Just make sure you
Speaker 3: vote your best case.
Speaker 6: In terms of when do you think this election will
Speaker 6: be decided, I mean I'm preparing.
Speaker 8: I think we can know the Senate pretty early on
Speaker 8: based on what happens in Montana, Ohio. We get those
Speaker 8: notes if we get those results, but I mean I
Speaker 8: think Friday, Saturday, it just you know, Pennsylvania is not
Speaker 8: going to be able to count some of their absentees.
Speaker 8: If it's a sort of a wave one way or
Speaker 8: the other. If we're seeing you know, North Carolina, Georgia
Speaker 8: go one way, Trump picks off one of those sort
Speaker 8: of blue wall states, we might see I think earlier
Speaker 8: results in a place like Wisconsin or Michigan, or if
Speaker 8: it goes Harris, you know. But I think if it's
Speaker 8: very close, it may not be for several days. And
Speaker 8: I think we sort of need to steal ourselves for
Speaker 8: that possibility.
Speaker 2: And this is what a lot of market participants have
Speaker 2: focused on. How long it takes to get this result.
Speaker 6: Well, the Maricopa County election officials, I keep going back
Speaker 6: to this because it dragged on in twenty twenty, they're
Speaker 6: saying ten to thirteen days. Now, Yes, they want you
Speaker 6: going into this with a low bar that potentially they
Speaker 6: could get out of this a little bit quicker. But
Speaker 6: ten to thirteen days, I mean we're talking about weeks.
Speaker 5: Not days.
Speaker 2: Nobody wants to repeat if that mess, that's for sure.
Speaker 2: Jessica is good to see you. Thanks for Thank you,
Speaker 2: Jessica tight of there of the Cook Political Report. This
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