According to a New York Post report, Michael Cembalest, who heads the market and investment strategy unit in JP Morgan Chase’s asset management division, says Joe Biden will drop out of the 2024 presidential election.
Cembalest made the prediction in his ‘Ten Surprises’ for 2024 over the weekend. He says the 81-year-old Biden will drop out “sometime between Super Tuesday and the November election, citing health concerns.”
From The New York Post:
Cembalest issued his predictions in newsletter as a tribute to former JPMorgan market strategist Byron Wien, who had made 10 prognostications every year for nearly four decades before his death last year at age 90.
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He also thinks that stocks of US regional banks will do well despite the instability in the lending sector in the past year.
His prediction that Biden would bow out was partly based on the president’s low approval rating — despite “around 10% job creation since his inauguration.”
The strategist noted that Biden’s high job creation figures are “the by-product of his inauguration coinciding with the rollout of COVID vaccines and a reopening US economy.”
Cembalest did not predict who might take Biden’s place as the Democratic candidate.
More over at The New York Post:
Joe Biden will drop out of 2024 presidential race, top JPMorgan strategist predicts https://t.co/XgWen07NZH pic.twitter.com/sISxW15NWl
— New York Post (@nypost) January 8, 2024
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