Whether it’s 55/45 or 65/35, we’re still basically talking about the same thing. This race is neck and neck, and whoever gets the turnout edge will win. We’re talking about fractions of percents that are at play, which is why these odd are a coin toss.
Edit: it looks like 538’s model is new, and Silver doesn’t like it or the guy behind it.
Important to note, these forecasts are absolutely subject to change. This is not Nostradamus. It is merely reading the polls and factors as they stand. If Harris obliterates Trump tomorrow then this flips. If everyone donates enough money this week and the DNC gets more ground network for their get out the vote efforts, then this flips
All the model guys are very clear about this.
What's driving this current Trump run in the models is the lack of a convention bump for Harris. Models automatically tune a candidate's chances down by about 10 percent after their convention because it's usually a bit of a honeymoon period. It's been pointed out though that she may have had her honeymoon period after taking over from Biden. In which case the odds are more like 46/54.
The takeaway from this is that this election is incredibly close right now. Even at 36/64 it is very close. Both candidates need to run near perfect campaigns to have a chance of winning.
I suspect Harris got her "convention bounce" (as defined by the model) right when she became the nominee, this made the model think she was overperforming pre-convention and now the bounce is fading "early" when the model thinks she should still have it so it seems like she's underperformed.
If this is the theory, knowing how close the swing states are and thus how swingy it can be, most likely this number goes back to maybe 55/45 Trump.