Michael Cembalest, head of the market and investment strategy unit at JPMorgan Chase, has forecasted that President Biden will not seek re-election in the midst of a tumultuous year.

Cembalest’s “Ten Surprises” for 2024 foresee a series of events, including rolling blackouts, the release of an inhaled COVID vaccine, and a boycott of driverless cars. Citing health concerns, he predicts that Biden will withdraw from the race “sometime between Super Tuesday and the November election.”

Super Tuesday, scheduled for March 5, involves presidential primaries and caucuses in over a dozen states, with the winner typically becoming the favored nominee.

Cembalest’s prediction is partly rooted in Biden’s low approval ratings, despite a reported “around 10% job creation since his inauguration,” which he attributes to the coinciding rollout of COVID vaccines and the reopening of the US economy.

Although Cembalest did not speculate on a potential Democratic replacement for Biden, Vice President Kamala Harris faces public unpopularity, with more than half disapproving of her job performance. Other declared Democratic candidates include Rep. Dean Phillips and self-help author Marianne Williamson, while Robert F. Kennedy Jr. intends to run as an independent candidate.

Despite concerns about Biden’s age and cognitive abilities, he remains the frontrunner for his party’s nomination, with polls indicating significant support over Williamson and Phillips.

Former President Donald Trump leads the pack among GOP hopefuls, including Nikki Haley, Florida Gov. Ron DeSantis, and biotech mogul Vivek Ramaswamy.

Current public opinion surveys suggest that if the election were held today, Biden would lose to Trump.

(YWN World Headquarters – NYC)