What feels different about the risk environment heading into these particular midterms?

I think the honest answer is that some things definitely feel different and are different.

But we're also seeing a lot of the same themes that we were watching back in 2024.

Obviously, the biggest difference is that the presidency isn't up for grabs.

Still a tremendous amount at stake, though.

Voters are electing the entire House of Representatives.

35 senators, three dozen governors, and then thousands of local officials in different positions.

What could cause that activity to intensify as we get closer to November?