Is There a Higher Risk Premium in the Markets?

The risk premium built into various markets means investors are quite well positioned for something actually happening in November. But on the other hand, you could argue perhaps that the polls are wrong or there's still a chance of something completely unexpected happening and in that sense they might even be considered complacent. So I think there's not a ton of trading that generates these price changes. And this is more a rates thing than an equity thing because it's impossible if you're fully hedged to make any money.