Interest rates remain main market driver over of US election uncertainty

Joe Biden withdraws from race

Interest rate cuts remain the key driving force in equity markets in the face of heightened uncertainty in the US presidential election, as incumbent president Joe Biden withdraws from the race.

Last night (21 July), Biden announced he was pulling out of the 2024 election, following weeks of internal Democratic and punditry pressure to withdraw. Biden, who took the White House office in 2020, said in a letter addressed to "my fellow Americans", that it had been the "greatest honour of my life to serve as your president". "While it has been my intention to seek re-election, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as president for the remainder of my term," he said. Investors not expect...