As former presidents, neither Biden nor Trump could run again in 2028, due to the 22nd Amendment of the U.S. constitution limiting presidents to two terms. Chances are that the next president will become a bit of a lame duck quite swiftly. 2024 could therefore turn out to be one of the less consequential U.S. elections in living memory. From a market perspective, this could create opportunities along the way, if markets get unnerved and temporarily end up overpricing political risks.
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