Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on applecar player, Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.
We're gonna start with basics here right now. Stephanie Roth is with Wolf and she's just absolutely exquisite in her rigor about the construction of a given ninety days of American economic might, and I got some American economic might with you, Stephanie, But they also got a payroll call a seventy thousand who's the horse and who's the cart? The economy or the job economy.
Seventy thousand looks kind of weak, but that's been counting for hurricanes and strikes, which are pretty significant.
So like, throw this, Can I out work Friday? Wait, it's Paul's turn out.
To work Friday.
Here's when you'd have to work on Friday. So yeah, we're below consensus on the actual headline number. We think the underlying trend in perils is one hundred and fifty thousand, So totally fine. Here's where you'd have to work on Friday is if it comes in strong, because in that case we've got strength, even given we have hurricanes and strikes hitting the numbers. So that's where it could become a bit asymmetric.
All right, So but let's strip that away a little bit. How do you feel about the US labor market? How strong is it? How some people are saying, hey, we're fine, four point one percent on plant whatever, but some others say, boy, that recent trends are a little testy. How do you feel about the US labor market?
It's kind of wild because we swung from concerns about hard landing to then concerns around okay, fine, we were having a soft landing. Then it shifted all of a sudden to no landing. And the result is probably somewhere in the middle. The economy is doing just fine. We have GDP which is gonna print somewhere close to three percent, and the labor market is hanging in there. You have some upward pressure on the unemployment rate, but it shouldn't
be that significant. And especially if we do end up with the Trump presidency, he's going to be cutting off a lot of those immigration flows, which will then put a little bit of downward pressure on the unemployment rate versus what would otherwise be the case.
So how are you framing out this selection? Yeh, I'm sure that's the majority of the calls you get from your clients. What's kind of your response to, you know, hey, Stephanie, how's this going to play out?
So in the first year it may not actually be as different depending on the presidential candidate. Come twenty twenty six, that's where it becomes a very big difference because TCJA, the Trump tax cuts expired at the end of twenty twenty five. Okay, so that's going to be where the rubber leaves the road in terms of the difference between the candidates with this policy.
Wonk, Stephanie roth of Wolf completely off.
Your remit, but I'm going there.
Can we have text modification lessening of any type. Given where the deficits are given eight hundred billion interest expense, how do you dovetail those two together?
I mean, it's kind of it's kind of wild, and really either it is going to increase the deficit. So regardless of this ocasion, we're gonna it's gonna get worse. By the dollar. The US is a reserve currency, so we have the ability to increase our deficits relatively sound like.
Very icon green and berkey.
Stephanie Roth, I'm looking at the what's happened, folks since I've not been here? The real yield has exploded out to two point zero zero percent. The price of all this is money's more expensive, right.
Yes, So we attribute the move since the beginning of August, which is kind of when you started to see rates back up. We tribute roughly half of it to better economic growth and half of it to the election. Really Trumpbod's starting to rise. Base case is that if Trump does win, the ten year will back up towards at least four fifty. If Harris wins, you can actually see a little bit of a of a downshift and yield something towards four percent.
Tariffs do they work? How do you?
What's your view on tariffs because that seems to be a discussion point here in this election.
I'm a big fan of free trade, so not a big fan of them, and I also have to say it has to be advertised as such, right, it's a tax the consumer, full stop. Yeah, if you if you do do sixty percent tariff on China, that could help reduce some imports from China. We did see that in the in the last trade war. But if you couple that with a ten percent universal baseline tariff, now goods
are just gonna get more expensive. So when we model it, it could be about a ten one percent headwind on GDP and a one point one percent increase in inflation. So it's really a stagflationary type of policy.
Are we having a sustainable three percent economy? We had one quarter three percent? There's a guesstimate ending September thirty three percent?
Is it? Dare I say a Q four to three percent ish?
And that's probably a little bit high. I think we're like a two and a half percent economy. Productivity does appear to I've picked up in this economy, which is a great thing. That's where we can get non inflationary growth in it.
Talk about that. Let's fold it in the election. Productivity is picked up. I think ninety nine percent of people agree with you, except half of this nation's flat on their back. Does that mean productivity for everybody else's double while half the nation's flat on their back?
So if you look at if you look at productivity by sector, technology has driven a lot of it, probably no surprise. And then some of the areas of the economy that have had to deal with reduced labor shortages, things like retail, leisure and hospitality, they'd just become more productive because they had to. There were some areas that benefited from the pandemic that over hired to where it's transportation and warehousing. Those are areas of economy that are
kind of flat on their back from that perspective. So it is very much mixed depending on kind of what sector we're talking about.
How's the consumer out there from your perspective in terms of spending employment, pretty solid or do we have some concerns there?
And we've been talking about cracks at the low end for a while. That's still is the case. Granted, if rates actually do come down, which they should continue to come down, even if we have some election related volatility, gas line prices remain muted, that low end consumer shoud feel a little bit better. So base case is the consumer should be fine, they're not over levered, and the
savings rate is actually not so not so low. That's what we learned kind of over the summer is that the very low savings rate at least, as we've reported, rise up pretty significantly.
Seventy thousand jobs Friday. Where's the unemployment rate?
Staci's stas for a lot of noise, A lot of noise around.
That, Steffaniealth brilliant wait. I love starting strong like that.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am Eastern Listen.
On Apple car Play and Android Auto with.
A Bloomberg Business app, or watch us live on YouTube.
The bond market giving us some tension here about our debt and deficit. Probably that means three four themes with our guests. David Malpass, many of you will know him, is the driving force for Alan Schwartz at bear Stearn's Economics years ago. Of course, the service to the nation at the World Bank for President Trump. And we're thrilled he can join us in the studio. Now there's four or five six topics David we can talk talk about.
You are the rarest of rare Ducks, a Colorado College physicist who was so dumb he actually ran for public office. I want to focus on this election. Come on, you're an institutional guy. You can do the foreign the foreign policy and all that.
Forget about it.
What was it like campaigning in Broom County in twenty ten against Senator gillibrand.
Tom That was an experience for the lifetime. I had the minivan and drove around New York State and really talked about how could Washington actually stop growing? And so there was Remember it was the teapot of the year in twenty ten. The Senate seat had had been Hillary Clinton's Senate seed, and Jill Brand was holding it in
twenty twenty nine and ten. So I decided to run because I really think that the issues can be changed in Washington if you have people leaders in Washington talking about what to do about the budget, what to do actually about the dollar and.
Keep it bank stable.
These are important topics.
Most important tweet of the last twenty four hours was the wonderful Michael Beschloss, who put out a photograph of a Puerto Rican in a Pittsburgh Pirates uniform. In the bottom line is the rhetoric and dialogue across all parties, but particularly what we've seen in the last forty eight hours is just totally unexcusable. And this guy hired you to run the World Bank. How can guys like you and your lovely wife who ran Manhattan GOP support this guy with a rhetoric we're hearing.
Tom, I'm not into the election itself, but into the policies. And as you look at where the US stands in the world, it's a voice of weakness around the world. It's causing instability all through Africa. Any international meeting I went to, people were almost pleading, saying can't the US have a voice? And that it's not there? And the policies that are being projected by the current administration and into the future look like they'll get more wants.
To get in here, pause looking at me like what is this a monologue? But I was just in Rome and I'm sorry they're petrified of a certain candidate winning here. How does your party? Could you run for secretaries? Could you take secretary of State under a new Trump administration?
Would you accept that position?
That's not not even a question? Can the US grow more? And will that be stabilizing in the world? And the answer is yes. And is the budget that's now in front of the US nation from the Biden Harris administration acceptable? The answer is no. It's an unacceptable budget and it's not going to lead to growth. They are willing to have the country grow at one and a half percent per year with big government. That's their dream of how a country will look.
What will become of the World Bank if Trump wins in on Tuesday.
As an institution, it's you know, got its shareholders. So I don't think that would be the focus of change. And the World Bank's not very big within the world scene. One of the things that has to be discussed the United Nations. Antonio Guterris, the head of the United Nations, just went to the Brick Summit in Russia. Why aren't people talking about that? And did the US protest that? Here he is in Kazan, Russia with Putin, uh, you know, shaking hands, bowing at the time of a vicious war
that's going on in Ukraine. And so how does the world really interact with these institutions that are that are harming people around the world.
Trump presidency was kind of more, you know, just nationalistic as opposed to internationalism. Doesn't he want to step back from.
The world stage?
Doesn't want to? I mean, how does that project world US influence globally.
Case by case? For one.
You don't want to have permanent wars. And it sure looks like we've gotten into a very long term war in Ukraine and Russia where we're arming one side and they're arming the other side. Of that.
On the field, we're letting the Ukrainians fight our wars and that's the best strategy.
No, that's not a good strategy at all. They're dying and so that's a best fight.
All we're doing is funning and we're letting them fight against.
Your your question of nationalism.
So Trump's been pretty clear that he would pick his pick his fights and that through deterrence, the US would be a stronger nation. And I think that's a very defensible position to be in. If you say to to Putin or to China, we are going to be the strongest growing country. We're going to have the best technology. We're supporting our troops one hundred percent. They're going to be more reluctant to start wars.
The three percent economy that we have, everyone, every political persuasion, every economic persuasion, has been shocked by the growth that we've seen. David Malpass, do you equate the growth we have in twenty twenty four directly to the stimulus of twenty twenty one, or can we actually say there's a productivity a technology overlay going on right now?
Some of both, but with a big thing is the government is running a six and a half percent fiscal deficit. Now, this has never happened where you have a full employment economy and the government at great and so some part of our GDP growth right now is just the expansion of the national debt. The government borrows money.
So, okay, I'll go there, David.
It's good Colorado College physics. But the bottom line is, do you hear either candidate going on the path of Pete Peterson, Paul Saugus and Sam Nunn and getting our debt and deficit trajectories in better control.
No, But to those three people, those were austerity policies, and what Trump is talking about is growth policies. They're very different. That means changing the regulatory policy so that people will actually build things. You know, a giant part of the semiconductor problem right now is you can't build a factory because of the rules that go into that IRA Bill, And so they're pumping money into the economy but getting nothing for it. That can all be changed.
And that's not as hard to change as people think. It just means sensible decisions at the top in Washington to spend the money less wastefully.
Is there a will in Congress to get that done.
No, to some extent, they're part of the problem. That's why I ran in two thousand and ten for the Senate. So they love it when you just spend money and it doesn't matter if it has effect. But that can change through leadership from the top. We're just not getting it now.
Tell us about money and running a campaign. I mean, you know, I look at the day to day battle of each of the candidates and all that out in the trenches as you were in twenty ten, Are you just basically waking up in the morning and trying to raise money?
Yes, and plus I was spending quite a bit of my own money because I really believed in the cause.
But the.
Secret, I don't know that it's very much of a secret. Is there's corruption across the whole system. How is it that Washington is the richest part of the country. That doesn't make sense? And with them moving up every year on that leader on the leader board, Washington's the big winner and so that comes from campaigning constant campaigns.
This has been a really successful interview. Everyone that's been listening to it thinks that I'm a piece of garbage floating around.
The East River.
David Malpass, thank you so much for joining us and for a spirit of debate here as we go to November fifth. Mister mail Past, of course, is a former president of the World Bank.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa Play Bloomberg eleven thirty in Chicago.
Interrograna joins us this morning and here in our studios, Man Deep Singh.
This is where it has to be, folks. They're not allowed to be in the same building of that.
Important for what we do, Paul Sweeney, What do Interragrana and man Deep sing do for us?
They run our technology research. It is a global business time. We have research channels around the world Europe, Asia, North America to really get a real handle on the entire technology stack. On ro Let's start with you here. We got Ernie coming up this week. Let's start with Apple. I'm not sure what the story is here. I'll tell
you what I'm concerned about is China. Can you give us a sense of kind of Apple and China and what you think we might hear from Apple this quarter as it relates to China.
All I think you nailed it. We are concerned about China as well. We've been hearing about slow down and spending in China in the luxury goods market, whether it's LVMH or Swatch. And we heard from some of the suppliers as well that the fourth quarter or the December quarter numbers may be little light. So when they give guidance for next quarter Apple, when they report on Thursday, I think that's could be a concern. And we are on the same page as you that China is an issue and.
Rag back it up.
Then one day on Microsoft, I guess it's AI angst. What is the character of aner Agrana's AI angst?
So when you look at Microsoft for over the next twelve months, we are going to see massive capex going into the into the market, along with a little bit of margin degradation. So this is not going to be financially a massive year for Microsoft when it comes to
earnings growth. But at the same time, that's the only company where we can see actual benefits of AI translating into revenue, and I think that's most important for them is to prove to the market that their AI revenue is picking up better than anybody else out there, and their positioning is stronger.
And I think that's most important for Microsoft.
Tom our good friend man Deep sing here in studio is sporting a cast on his left hand some tennis injury. Goes back to my theory no one ever got hurt sitting on a barstool. So Man Deep, I don't know what's going on with you in your tennis game. We got the digital advertising players, the Googles, the facebooks of the world. How's that business these days?
I mean, given you know we are coming off peak interest rates, and you know with lower interest rates you typically see digital ads tend to do well. So I would say, I mean both Meta and Google should see kind of a tickup when it comes to digital ads spending. The thing to keep in mind is where the expectations are. So in the case of Meta, expectations are already for twenty percent growth, so it's hard to see them coming
up with a big bet and race. They could. But in the case of Alphabet, the expectation is for thirteen percent growth, and that includes your cloud business, which is growing at thirty percent. So I would argue there is a more likelihood of Alphabet beating their numbers than Meta.
Okay, nobody cares inter Rug Round. I'm gonna go to you, Man Deep now, but Interrug I want you to jump in here. Are you kidding me? My search is cluttered. I've got all this AI garbage up top. I can't get the search like I used to. What are we going to look like Man Deep singing in twelve months?
Well, so, Chatchipt has clearly changed the user interface for how people search and for informational queries. A Chatchipt interface is far better than a Google search, But for.
Search who it's too much to read.
I just want to get to a Google.
Search, But Google search will show you ten links and then you have to figure out which is the best link you want to.
Give it less. I'm searching for girkins for martinis. You know I want the little one?
Sure?
Yeah, little cute pipals.
Absolutely I get I get four miles of AI chat GPT garbage rather than search Google, Girkins, Martini.
You're absolutely right. So for transactional queries, for navigational queries, right, there is no substitute from chatipt. It's only for informational queries. That's where chatchipt is making informational quarries.
Maybe give how you beloing the best?
We've got aniragron in Chicago interrag Does this mean bing to the rescue? Is this finally where bing gets it going?
No?
No, no, no, I don't think so. I think what's going to happen is for transactional lesment. They mentioned you're going to have enterprise companies coming up with copilot slash AI agents that can help you find those things better. So I think this is where a lot of the companies will be spending money. You know, whether it is e commerce, whether it is any other area, you will see AI helping you better get the right product for you in your hand. And I think that's the big differentiator.
Tom.
I think the reason Man Deep and on a Rock sounds so smart is because they cover technology and it just grows every single year. I could sound smart talking about technology. So an Rock talk to us about like, I know, we spend a lot of money buying you and mandeep this IDC data about where all the tech spending is going, and I paid for that for many years. Where is tech spending going over the next several years. Is this a slowing growth market or is tech spending going to go crazy with AI?
When you look at tech spending right now, Paul and Tom, we are seeing a bit of a slowdown in non AI tech spending. So the big bucket is still the same what it was the last few years, but companies are just allocating money from one bucket to the other.
What we are hoping is by next year, hoping that you know, the Middle East crisis comes down a little bit, the election is over, companies are going to do net new addition to that spending which is going to help both the AI part of it and the non AI part of it.
Bloomberg surveillance for you across nation in your commute, Android Auto, Apple car play Man Deep Sing has both in this car and Sirius XM Channel one twenty one, Good morning as well. The Coriner, Washington, New York, Boston, ninety two nine FM. Good morning as well. We're on YouTube. Subscribe to Bloomberg Podcast. It's a new digital effort here. Thrilled at the growth of YouTube for Bloomberg Surveillance, Man Deep
sing I got to get back to foundationals here. I actually watched sort of curious about the colors the M four launch yesterday, and you know where I am.
I'm chip centric. I'm with Man Deep on this. Folks. Forget about you know, pink or orange?
What do I need in an iMac three nanometer semiconductors. Explain to our audience the importance of three nanometer on our path to two nanometers.
Yeah, look, I mean the reason why we are talking about AI is because all these computations are growing exponentially. I mean, look at how much we have come in terms of Nvidia GPU architecture. So the same architecture has to be brought on on the device side when it comes to the smartphones and the PCs you use. And that's what Apple has to do in terms of using the three nanometer manufacturing capacity to make this chip so powerful that it can run a full fledged AARI model on the chip.
So the nano how does mandeep sworld of three nanometers fold over to what Nadella has to do with the conference call Microsoft on Thursday.
You know, when you look at Microsoft, what they're trying to push is all their enterprise applications, whether it's dynamics or office. They need those to be much smarter to make it a point that people upgrade to the next version of it. So that's where they get the artpoop. When you look at a company like Microsoft, I mean, the number of people who are using Excel up pretty
much constant. They really need people to go upstream in order to make more money, and that's where they need to prove that the pilots actually have that productivity that comes in it which is going to force people to upgrade the cloud.
Give us a sense on a rog kind of I'm thinking about Amazon, Google, you know, some of the big players here in the Microsoft's of the world. Give us a sense of the lay of the land here on the cloud. Who's kind of on the margin doing a better job, and who might be on the margin kind of slipping a little bit.
I see, this is the way we think about cloud. The entire market is growing at such a rapid rate that all three big companies are going to make money. In fact, Oorical is going to make money as well. But when you look at it at this point a time, because of Microsoft's relationship with open Ai, they are doing
slightly better than the other two. But I have no doubts that both Amazon and Google will make a lot of money over the next few years because it is much easier to run some of these AI workloads in the cloud infrastructure rather than doing it in house. If you're a large bank like JP Morgan, you may decide to do it in house because you have the to do it, but not everybody else can go out buy GPUs and AI service and try to do this in house. There's a massive shortage of labored out there as well.
Many I want to ask you about an old time long in the two tech company Intel. I know you're not the chip guy, but you hired our chip guy. What's going on with you?
Your fault exactly?
Can we ever get our good friends at Intel back on the cutting edge again?
Well?
Tom mentioned about three nanometer. Intel has still not perfect at seven nanometers, so for them to get to three nanometer, they still need that time to you know, build their capabilities and that's where I think Intel has struggled for the last five years. It's hard to see how they can get directly to three nanometer given where TSMC is, But that's where the gap.
Is three nanometer John.
Yeah, let's yeah, Well there's tons of the minus nine ye who entered RONA last question to you here, when you do some of the parts of technology, how far out the sex is can you go?
If you some of the parts.
I don't want you to buy holes sell, but if you some of the parts. Some of these companies reporting this week, is it confidence out three years, five years? Is it interogrna confidence out to ten years?
They think they need to basically mention that the demand is so strong that they really don't see a way that they're going to reduce their capex anytime soon. Any talk of reduction as capex is going to be taken with a lot of negativity right now because the way these guys are spending, they're going to spend let's say, close to one hundred billion dollars extra over then next trawo and a half years or so. If they say
we're going to slow that down, that's bad sign. But otherwise, what They're basically saying is that the total addressable market is growing at such a rapid rate that they are out there to spend the money and then collect the you know, dollars after that.
You know, I shaved the beard today. You know what I mean? These plicer scope and beards here now, you know, man, is that like a bi thing? Many? Fine?
I don't honor.
The re ducks of CLOONEYA in Chicago.
Exactly, which is a burgeoning tech cub. I'm not sure if you knew about it. That's why we have Chicago's tech cub exactly.
Tell that to Bowie. Thank you so much greatly.
This is a pleasure. I can't tell you, folks the gift we have and what Sweeney invented at Bloomberg Intelligence. Mandy Singh enter Agrana to tell me how much money I lost by not being in big tech stocks.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
Joining us right now with the worst job at Bloomberg is Michael Shephard. He is in Washington, and he and Margaret Collins have to herd cats here till November five. Mike, let me just get the broader you here is you and Peggy Collins set up for this election? Is a general statement? Is everybody all hands on deck into the next weekend?
Well, Tom, first, I gotta say it is I think the best job at Bloomberg.
You know what more.
Would you want? You know, where else did you want to be than right here?
Mike. He's got the best food court in Bloomberg.
He does for we do We do they too.
I'll stack our pantry up against any pantry around the world. But yeah, Peggy and I have been bracing for this election for weeks, if not months, and really, if not for the past four years, really because as soon as Joe Biden took the oath of office back in twenty twenty one, Donald Trump was already laying his plans for a comeback, and we're seeing that now come to a head.
He gave his closing argument on Sunday night Madison Square Garden, which everybody watched so closely, And Harris is going to do the same thing tonight.
And there's reports in the folks. I'm just talking from the zeitgeist here. There's reports that the Trump team is preparing for a second administration. Is the Harris team, Mike Shephard, preparing for a Harris presidency?
Are they there yet?
You know, they are trying to lay the groundwork as best they can. But remember the challenge that they face. They really only had a few months agreed as a full fledged presidential operation and campaign, so it is a bit of a scramble for them, and they have to figure out who might stay on and what roles, and who they might want to bring in from the outside. Recruiting from the business world too.
I mean on YouTube live chat, the ladies dig the beard, gotta have it.
We're having any guests today without a beard?
I don't know. It's kind of what the young folks should do. And hey, Mike, how are you and your colleagues at the Washington DC Bureau Bloomberg is how do you guys figuring out Whennessing will know one way or the other who's winning. Is this going to be a day, two days a week? How are you guys thinking about this?
We're bracing for the long haul, Paul, And that's a great question because so many people, especially on Wall Street, are wondering when will the uncertainty about the election outcome. And we're not really gonna know until sometime toward the end of next week. Based on our best estimates and guesses. The election is so closely contested, and we are expecting some challenges from the Trump side or the harricide even in some of those swinging states.
So buckle up.
Make sure you bring plenty of snacks and that you're comfortable, because we're going to be in this for the long haul. And remember Tom in twenty twenty, it took until Saturday after the election before we had an outcome.
Okay, Mike sheperd I'm on a Heidi Moore shot hiding more folks follow out on Twitter. Really really is always controversial, always interesting, always informative. And she crushed the other day Mike Shephard criticizing all the punditry that you have to deal with twenty four to seven because nobody's looking at the margin of era.
Those on YouTube folks.
Ari's putting up this killer map of the swing states.
Harris Trump Blue I should wear she knows, you know, get in front of my chart where she knows you tell everybody here what's going on, Belowney, Mike Shephard, Where did margin of error go hiding?
Moore wants to know.
Look, margin of ra is baked into all of these polls, but people are emphasizing what the difference is. The margin of verra does get lost a little bit in the fine print. And the truth is, it is very hard for us to discern from the surveys that we've been
taking for months now where voters stand. And if you look at early voting results we've already had, according to ABC NBC News, rather forty four million people cast ballots already, and from the data we see on those early votes, it's hard to tell where is it falling, doesn't advantage one party or another, We simply can't tell based on the parties and affiliations of people have already either submitted our mail in ballots or gone to early polling places.
This is a really tough one to call based on the data available and based on the surveys. Although one thing I'll say in our Bloomberg News Morning Console poll, this was one number that stood out of nearly five thousand voters. In our last survey that published on Wednesday, guess how many voters declared themselves as undecided? Out of
nearly five thousand, it was ninety three. And that's pretty astonishing, And that kind of gives you an idea of the small space that the two candidates are really fighting over.
They were all at a bar in New Jersey with John Tucker where they were very undecided.
Very undecided.
Mike, how about down ballot, down ballot here, what do we know so far about how some of that is shaking out or could chick out?
Well, you know, Paul, another great question, because it's not just the presidency that's at stake, it's control of Congress and the Senate is a specially crucial this year because whoever wins the presidency will have to contend with the Senate that could very well be opposite them, and we could have we are likely to have divided government again, and they'll have veto power in essence over cabinet nominees and judicial nominade.
Okay, so let's just go there. And I got one minute left, Mike Shepard, Let's go to Ohio. Shared Brown is fighting for his life, I believe for the Senate, the Democrat versus a spirited Republican. Do either of those candidates want their presidential candidates to show up to campaign for them in Ohio?
Well, yeah, that's a good question, Tom, because going well because for a lot of the especially John Tester, are also out in Montana, they don't necessarily want to be associated with the top of the ticket, and they really do want to speak to more local issues. That's something that Shared Brown, for instance, in Ohio, has tried to
do well listening to the Union base out there. Bernie Moreno, his rival on the Republican side, is also trying to make a different kind of appeal to voters there too, So it is going to be very tough to determine which has the edge right now, though the electoral map favors Republicans when it comes to the Senate.
Mitch Shepherd, thank you so much leading our coverage here on our Politics in Washington with Always with Margaret Collins.
This is the Bloomberg Surveillance podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday seven to ten am Eastern on Bloomberg dot Com, the iHeartRadio app tune in, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal