Updated January 9th, 2024 at 16:15 IST
Joe Biden will drop out of 2024 presidential race, predicts top JP Morgan strategist
In 2024 "Pillow Talk" outlook, Cembalest said Biden might succumb to pressure and drop out of 2024 race owing to increased scrutiny over his age.
- World News
- 3 min read
US President Joe Biden will drop out of the 2024 presidential race somewhere between Super Tuesday and March 5 as his tumultuous tenure at the White House is marred with wars and controversies around his health and age, a top JP Morgan Chase strategist predicted.
The 81-year-old, the oldest president to serve in the history of America, will not re-run for the upcoming elections and will likely cite his health as the reason to drop out, Michael Cembalest, employed at the market and investment strategy unit in the Wall Street bank’s asset management division said. The latter added in his prophecy that the Democratic National Committee will scramble to substitute a nominee in place of Biden.
In his 2024 "Pillow Talk" outlook, Cembalest maintained that Biden might succumb to pressure and drop out of the 2024 race owing to the increased scrutiny over his age, cognitive wellbeing and the dipping approval ratings. "Biden has a low approval rating for a President with ~10% job creation since his inauguration, although that figure is the by-product of his inauguration coinciding with the rollout of COVID vaccines and a reopening US economy," the strategist at the top bank noted.
The Gallup’s polls show that at the start of the New Year 2024, Biden’s overall approval ratings have slumped to 37%, down by a whopping four points after ranging between 49% to 57% during the initial eight months of his presidency. The biggest turndown to Biden’s approval ratings came between October 2-23 in view of the Palestinian militant group Hamas’ raid into the southern Israeli towns and kidnapping of 200 civilians that led to the onset of Israel Hamas war in the war-torn Middle East.
Biden’s dropout from the crucial 2024 US elections, which the former US President Donald Trump is contesting as the Republican frontrunner, is one of the shocking predictions that was made by the JP Morgan Chase strategist over the weekend, that has caused a furore. The prediction is a part of the ‘Ten Surprises’ for 2024 that he published.
Sitting President of the United States, Biden, will “drop out of the race sometime between Super Tuesday and the November election, citing health concerns,” Cembalest is predicting. The prophecy was dedicated as a tribute to the ex JPMorgan market strategist Byron Wien, who similarly made 10 predictions each year during nearly his four decade of career before he passed away last year aged 90.
The JP Morgan strategist also predicted that the United Staes gradually is running out of ammunition, and this compares to a San Francisco Fed estimate of “sometime in the first half of 2024.” He also said that the Americans in 2024 will reject the self-driving electric vehicles due to the safety concerns, as well as the America will face natural gas shortage that will result in the blackouts in New York, Pennsylvania, Texas, Wisonsin, Tennessee. The strategist believes that the Russian invasion of Ukraine will continue into another year without an actual ceasefire.
Cembalest’s prediction is an "exercise in thinking against the grain about what might happen in an industry dominated by consensus,” he explained.
Published January 9th, 2024 at 16:15 IST