Two days after a midterm election that delivered the worst loss for a political party in over 50 years, experts unpack the political and policy landscape ahead. The conversation covers the future of the MAGA movement, the economic impact of reduced immigration, the prospects for tariff and fiscal legislation in the lame-duck session, Federal Reserve vacancies, the inflation outlook, and how state-level regulations could reshape the AI and data center buildout. Key Takeaways: The midterm results were historic. The Republican party suffered its worst electoral defeat since 1974, surpassing even the 2010 and 2006 midterm losses, forcing a period of soul-searching within the party and raising questions about the future of the MAGA movement. Expect little from the lame-duck session. Government funding runs out December 11, the NDAA will likely pass, but the $350 billion reconciliation bill and the $70 billion supplemental have very little chance. The debt ceiling is unlikely to be addressed until well into 2027 or 2028. State-level action could reshape the AI landscape. New governors in Texas, Ohio, and Georgia — representing roughly 40% of planned data center buildout — have campaigned on moratoriums or pauses, creating a potential headwind for AI infrastructure.