Financial markets are bracing for a wild Monday after US President Joe Biden made a (somewhat surprising) announcement in the early hours of Sunday afternoon EST that he will not seek re-election in the upcoming US elections in November. .
President Biden has been under increasing pressure from within his own Democratic Party (and among the Democratic Party’s major donors) to concede the nomination, following a disastrous debate in late June with Republican nominee and former US President Donald Trump .
Interestingly, in the letter (see full text below) that President Biden posted on his personal account @JoeBiden X (formerly Twitter) describing his decision, he thanked Vice President Kamala Harris for being a “great partner” but refused to endorse her as the new candidate. This has led to widespread speculation about who will actually replace President Biden as the Democratic Party nominee – and exactly how the process will proceed.
Stock markets and foreign exchange rates worldwide generally take their cues from US markets and these cues are likely to vary and follow interest in the coming days.
The letter President Biden posted on his personal X account today reads as follows.
Joseph R. Biden, Jr.
July 21, 2024
My fellow Americans,
In the last three and a half years, we have made great progress as a Nation.
Today, America has the strongest economy in the world. We’ve made historic investments in rebuilding our Nation, lowering prescription drug costs for seniors, and expanding affordable health care to a record number of Americans. We have provided critical care to one million veterans exposed to toxic substances. Passed the first gun safety law in 30 years. Appointed the first African-American woman to the Supreme Court. And he passed the most important climate legislation in the history of the world. America has never been in a better position to lead than we are today.
I know none of this could be done without you, the American people. Together, we have overcome a once-in-a-century pandemic and the worst economic crisis since the Great Depression. We protected and preserved our Republic. And we have revitalized and strengthened our alliances around the world.
It has been the greatest honor of my life to serve as your President. And while it was my intention to seek re-election, | I believe it is in the best interest of my party and my country that I step down and focus solely on fulfilling my duties as President for the remainder of my term.
I will be speaking to the Nation later this week in more detail about my decision.
For now, let me express my deepest gratitude to all those who worked so hard to see me re-elected. I want to thank Vice President Kamala Harris for being a great partner in all of this work. And let me express my heartfelt appreciation to the American people for the faith and trust you have placed in me.
Today I believe what I always have: that there is nothing America can’t do — when we do it together. We just have to remember that we are the United States of America.