Henrietta Treyz

But if they're right, the market implications could be profound for the pace of America's data center buildout, the intensity of risk from foreign policy and tariffs, and the possibility of a debt ceiling impasse next year that makes all previous ones look routine by comparison.

My guest today is Henrietta Trace, co-founder at Veda Partners.

For more than two decades, she's been one of the very best at translating the dynamics of Washington into investable signals across elections, fiscal policy, trade, and regulation.

We'll get into it, why predictions have shifted, whether we can trust the polls, and the chain reaction that could follow the election in the economy and markets.

Henrietta, welcome.

Thank you for joining.

Thank you so much for having me, Dilip.

It's driven up prices and we don't like it.

While Sebastian Mallaby has left us to write an incredible new book, this one on Anthropic, I am absolutely delighted to have a perfect guest with us today here on The Spillover to talk about the midterm elections, the lame duck session, and everything else that might be underappreciated by people ranging from Wall Street, inside the Beltway, outside the Beltway, someone who's followed this for decades.

Henrietta Trace has been at the intersection of politics, policy, and financial markets for more than 20 years.

She's a co-founder of Veda Partners, where she serves as Director of Economic Policy Research.

And before Veda, she spent years working in the US Senate, including during the 2008 and '09 financial crisis, which was obviously a learning moment for all of us.

So welcome to The Spillover, Henrietta.

Well, hopefully a lesson I never need to learn again.

Yes.

Hopefully none of the scary stuff that we just walked through happens over the next year.

This tension between Trump supporting Russia and the Republican conference strongly supporting Ukraine could upend this election going into the final stretch.

Data partners Henrietta Treyz on CNBC.

Apple is hosting a product launch on Tuesday.

It's said to include home products.

The president, Tanag Axios, the US, and Iran are heading back to the negotiating table later this week following Washington's rejection of Tehran's latest deal to reopen the strait.

To build on this conversation, joining us now for more, Henrietta Treyz of Veda Partners.

Henrietta, welcome to the program.

You saw the news from Saudi Arabia.