Confidence unexpectedly pulled back in october. Prospects for employment, income, and of course the economy. Perhaps they should be. Cities forcing to slow down reopening plans. Thee do see further dips in economic recovery, then this would not be good news for state and city budgets already left strained by the pandemic. Many states predicting billions of dollars of shortfalls in 2021. Some states are getting innovative in how to make ends meet, including putting Legal Marijuana sales on the pallet for tax revenue. Joe this has been one area that we have hoped well, some hoped there have would be further aid to state and local governments with a stimulus deal. It has not happened. Largest number of defaults since 2012. Expectations are, at least for that ithat continues. Romaine anything that can be done to sort of bump that backup. A time that they are trying to get out from under. Joe lets bring in Bloomberg Intelligence senior municipal strategist. Lets start with the big picture.