President Joe Biden announced he will not seek re-election and is supporting Vice President Kamala Harris as the Democratic nominee. The announcement follows recent verbal stumbles by the 81-year-old president. The Democrats will pick their candidate at the their coming convention which is schedule to begin August 19 in Chicago, Illinois. Biden said he will serve out his term which ends January 20, 2025.

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Major political events and special announcements by the global central banks can shift both the short-term and long-term outlooks for the global economy and financial markets.