As expected and due to the pressure from the Democratic Party, Joe Biden abandoned the reelection campaign for the U.S. presidency. He hasn’t step down from his obligations as current president. He endorsed Kamala Harris, but it’s not clear who will be the actual candidate, as it is not his decision. In the chart below, you can find what the betting odds are for each potential candidate, where some familiar faces have appeared in the race. In a month, in August 22nd, the candidate needs to be elected, confirmed and needs to formally accept his/her nomination. This comes at a time where Trump had a big advantage against Biden, with only 3 months left to Election Day. Let’s see what the market reacts to this news on a week where 2Q U.S. GDP and PCE will be published and with 10 days to the next FOMC meeting.
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