It's Wednesday afternoon, November 9th, and the vote count continues from Tuesday's

midterm elections. But after all races are called, what will the results mean for policy,

markets, and economic growth? What that probably means is that number one,

divided government just makes it less likely

that they're able to get any kind of fiscal package

or recession fighting package done in a divided Congress.

And then number two, that if they do do it,

it would probably be pretty small.

And I'd imagine it would be smaller than what we've seen

in the last three recessions.

I'm Allison Nathan and Mrs Exchanges at Goldman Sachs.

The next Congress will call the shots on a range of critical issues.

Joining me today to break down the results and implications of the U.S. midterm elections are

Alec Phillips, Goldman Sachs researches, chief U.S. political economist, and Joe Wall, a

managing director in our Office of Government Affairs.

Alec Joe, thanks for joining us for the special edition of Exchanges.

Thanks for having us.

glad to be here.

Let's just start out by framing what we're seeing so far in these races.

Joe, give us a sense of some of the outcomes and how they compare to expectations.

Yeah, the expectations as most of the listeners, I'm sure are fairly aware, was that we were going to see a red wave,

both in terms of the House flipping to Republican control

...