 Henrietta Trace, thank you for your contribution to Bloomberg surveillance. With our news in New York City, Michael Barr. Thank you very much, Tom, Paul, Lisa. President Joe Biden has bowed out of the 2024 race and thrown his support behind Vice President Kamala Harris to take his place at the top of the Democratic ticket. Biden won 99% of the pledged delegates in the primaries and caucuses, and sources tell Bloomberg Harris' team is already working to win them over. Terry Haynes is founder of Pangea Policy.