US President Joe Biden
(U.S. President Joe Biden)

Strategist floats possibility of Biden exiting the 2024 presidential race

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A top strategist at JPMorgan Chase is predicting that President Biden won’t seek re-election in the U.S. Presidential Election in 2024. Michael Cembalest, the head of the market and investment strategy unit in the Wall Street bank’s asset management division, 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.

Biden, who is already the eldest Oval Office occupant in history, will drop out of the race “sometime between Super Tuesday and the November election, citing health concerns” Cembalest predicted. ‘Super Tuesday’ refers to March 5, when presidential primaries and caucuses will be held in more than a dozen states, including California, Texas, Massachusetts, Vermont and North Carolina. Then, the Democratic National Committee would tap a nominee as Biden’s replacement.

“Biden has a low approval rating for a President with ~10% job creation since his inauguration,” Cembalest wrote but did not predict who might take Biden’s place as the Democratic candidate.

In April 2024, Biden formally announced that he is running for reelection in 2024, asking voters to give him more time to “finish this job” and extend the run of America’s oldest president for another four years.

Last month, Biden said he may have skipped mounting a 2024 re-election bid if he were not facing Donald Trump because the Republican poses a unique threat to the United States.

If the presidential election were held today, Biden would lose to Trump, according to the most recent public opinion surveys.

This is not the first time Cembalest has floated the possibility of Biden exiting the 2024 race. The strategist pointed to a note he wrote in November, spelling out what would happen if either Biden or Trump, “two senior citizens,” dropped out due to health reasons. In his hypothetical example, Cembalest used California Gov. Gavin Newsom as Biden’s replacement to become the Democratic Party’s nominee.

Americans tell pollsters they’re concerned about the advanced age of both the Republican and Democratic front-runners for president: 77-year-old Trump and 81-year-old Biden.

With reporting by AP, Fox News, New York Post