By Alice Uribe
The market impact of President Biden not seeking re-election looks limited, says Nick Healy, portfolio manager of WAM Global.
He notes that Donald Trump has a lead over both Biden and Vice-President Kamala Harris, who Biden has now endorsed. Whoever is ultimately selected as the Democratic nominee will have “under four months to mount a compelling campaign,” Healy says, prompting WAM Global’s view on a likely muted market reaction.
Still, Trump’s stated policies are key for market watchers, says Healy, and there could be an impact on either the House or Senate with Biden stepping away. “A strong campaign from a Democrat able to make convincing arguments to capture the centrist vote could enable them to split Congress and frustrate the ability of Republicans to make policy,” he says.
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