My quick reaction:
Regardless how you might feel about the Arizona ballot audit, there is no denying that it represents a tail-risk for the financial market, for reasons that are so obvious that there is no need for elaboration. The decision by the Arizona Senate to undertake its own recount of the ballots, before the finalization of the auditor's report in August, shows that it is prepared to go to great lengths to persuade voters in Arizona of the integrity of the process. Investors should assume that the results of the audit, regardless of the outcome, will be taken seriously.