Analysis: Biden's withdrawal unlikely to have major impact on markets

Piers Bolger, chief investment officer of Tianheng Asset Management, said that in the short term, U.S. President Biden's decision not to seek re-election and to support Vice President Harris is unlikely to have a substantial impact on the market. He believes that the market will continue to pay attention to the policy direction of the Federal Reserve, which is a key factor driving the market. He said: "We still expect the Federal Reserve to begin to ease monetary policy at the September FOMC meeting." However, despite the current momentum of the Republican Party, Bolger believes that this situation can easily change after the Democratic National Convention, coupled with Biden's decision not to run for a second term. If Harris' nomination is confirmed, Bolger believes that "she is unlikely to deviate from the re-election policy framework that Biden has articulated so far." (Jin Shi)