lisa h: to an extent, there is a fed put.first and foremost look at valuations when we are evaluating markets and credit. valuations today tell us they are more or less median level. things are not expensive, things are not cheap. but what keeps is engaged in the markets despite them being just fair value is the fact that we have this tremendous liquid the environment. so the fed keeps us perhaps more engaged because we think there is some degree of backstop, but we will continue to become much more cautious if we start to see spreads really wretched in. there's a tremendous dislocation between where markets are trading today and what the underlying economy tells us, and this is not something we think will be gone in just a couple of months. there are going to be sustaining pressures on certain points of the economy for a long time to come. lisa a: there's a question about the intelligence of buying treasuries as an investor right now. where are you right now on that? do you see treasuries acting as a hedge against equity vol

lisa: during h six-year stint as attorney general, she befriended a fellow ag from across the count,re's idau biden, son of vice president joe ben. now a recognized name in the democratic party, harris was ach cleace to run for the newly open senate seat in >> truth and transparency and trust. lisa: she wonn a landslide and was sworn in by biden in 2015. in the senate, she has sponsored bills on race and cl justice, including a bill to declare lynchingcr federal hate e. >> call it what it is, which is a crime th shod be punishable with accountability and consequence. lisa: but her most shining moments have come in her prosecutoriaquestioning during senate hearings, first ofer attorney g nominee jeff sessions in 2017. >> a lot of people were at the convention. will you let me qualify it? if i don't qualify it, you will accuse me of lying. >> i do want you to be honest. >> if i'm not able to be rhed, it makes me nervous. >> in the supreme court confirmation hearings for juste brett kavanaugh. >> have you discussed mueller or his investigation with anyone aa thfirm founded by president

.: jud lisa joins me now along with the "newshour's" daniel bush who h been on the ground in wilmingtonoday reporting on the biden-harris event. dan, you did get thisp-ose look at what's going on there. did you get a sense of what these two are going to be like as they try to appeal to american voters a a team? daniel: judy, this was their kickoff, their first opportunity to appear on stage together. they did seem comfortab but theigns of covid were everywhere, covid-19. they both wore masks. they kept their distance. harris delivered all the traditional notes of a running mate, talking about her course, going after president trump. it's going to be interesting to see how the campaign proceeds from here. the campaign right now is being tight lipped about how it is that they're going to harris in the days ahead. we know that right now they just left for aai funr at a hotel nearby, a virtual harris is a dynamic public speaker and did struggle a bit at times in her campaign last year. it will be interesting to spa how she cns in this new virtual reality that we're in. judy: and lisa, from

lisa abramowicz. this is the single guy that trump/spence want to speak to. why is that? george h w bush, bob dole.ow rick davis will observe trump/pentz as they move forward to the first two debt -- trump/pence as they move forward in the campaign. . what does president trump need not to do? rick: he's going to have to really try to avoid creating any kind of controversy that takes away from the message that he has. he loves controversy. he literally does it to himself half the time. you will notice the whole biden strategy last three months has just been let trump talk. i think the managers around donald trump have got to get a hold of the narrative for this convention, and hope that they've got four calm nights where there is not a twitter storm or an out lash. tom: an impolite question, it is rude friday, are there any rick davises telling the president what to do? or is he without rick davis? rick: well, he's got a new campaign team. something dramatic happened about three weeks ago, where he took his old campaign manager brad parscale and replaced him with a rick davis. i wish i were as good

i'm sure we'll h >> woodruff: let's take closer look now at kamala harricaand heer up until this moment of her as joe biden's running 'ste. lisa with that. >> reporter: when kamala harris tells her storeys it starts with parents who raised her with a sense of honor. >> my parents were at the civil rights movement. my mother used to say -- i think she was basically ying, you've got to get up and stand up and don't give up the fight. [cheerin >> reporter: harris was , rn in 1964, in oakland, californ immigrant parents. her mother, shamala, came from india to study ,cience at u.c. berkeley and her father, donald, immigrated from jamaica to teach economics at stanford. >> they p came inursuit of a dream. and that dream was a dream for themselves, forc for me, and for my sister maya. row she was an early participant in a school busing program, and when she was 12, with her parents separated, she moved to montreal with her mother after decades of attending schools, harris ae change. in 1983, she enrolled at howard university an historically black college in washington, d.c. it waat howard that harris explored her nnterest in politic