What banks should take away from this week’s whirlwind political drama

WASHINGTON — The 2024 election turned on its head this week, as a galvanized former President Donald Trump, bandaged ear from a failed assassination attempt, officially accepted the Republican nomination for the presidency. 

President Joe Biden, meanwhile, retreated into his Rehoboth beach, Del., home on Thursday, isolating with a recent Covid diagnosis as political pressure mounted for him to step aside amid concerns from his own party about his mental and physical ability to withstand another four years of political service. 

The dramatic events of the week bolstered the Republican ticket, where Trump is now joined by Sen. JD Vance, R-Ohio, giving further answers as to what the policies of the future Republican party will look like, even after Trump. The Democratic party, meanwhile, tried to regain momentum, framing the Trump campaign’s aims as detrimental to most American voters, particularly on economic issues. 

Here’s four takeaways from the week and what it bankers should glean from it: