Michael Cembalest Predicts Biden Will Pull Out of Presidential Election
JPMorgan strategist Michael Cembalest has put out his Top 10 list of surprises for the new year.
As we would expect, there were financial surprises, but that was far from his boldest prediction.
Cembalest, like many conservative pundits, is now predicting that Joe Biden will not be the one on the ballot come November.
Biden Will Leave
Most believe that if Biden pulls out of the race, it will be a last-minute change to give the GOP little time to react to a new candidate.
Cembalest sees that happening much earlier.
According to his prediction list, Biden is going to bail after Super Tuesday on March 5, 2024.
He believes that Biden will cite health reasons, then pull out of the race, then allow the Democrat National Committee to appoint a new candidate.
Cembalest added, “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.”
That is about as bold as it gets, especially citing Super Tuesday as the day. I don’t agree with that at all, but we will see who is right in about two months.
Cembalest also predicted there will be backlash on driverless cars, stating there will be a large-scale boycott, but that is already happening.
Tesla was just forced to issue a major recall there has been pushback over the accidents caused by driverless cars, so I would say he did not really step out all that much on this one.
He had two more predictions that I found a bit odd, that being power outages in major cities and an inhalable version of the COVID vaccine.
There are major blackouts almost every year, and the research on the inhalable vaccine was already made known, so again, he is not really stepping out here.
If you would like to read his full list of “surprises” for 2024, click here.