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On Wednesday, former U.S. House Speaker Nancy Pelosi urged President Joe Biden to make a quick decision on running for re-election, stating that “time is running short.” Her remarks had an immediate impact on Polymarket, with bets on Biden stepping down surging to 61% in the afternoon. As of now, those odds have slightly decreased to 59%.
During her appearance on MSNBC’s “Morning Joe,” Pelosi emphasized that the decision to run lies with Biden, urging him to act swiftly. “It’s up to the president to decide if he is going to run,” she said, adding, “We’re all encouraging him to make that decision because time is running short.” Her comments caused an initial spike in the betting odds of Biden withdrawing, which jumped to 50% and later peaked at 61% before stabilizing at 59%.
Meanwhile, former President Donald Trump, the leading Republican candidate, suggested that Biden might continue his campaign against him. Speaking to Fox News host Sean Hannity, Trump commented, “It looks to me like he may very well stay in. He’s got an ego and he doesn’t want to quit. This isn’t necessarily a very positive thing for our country, but I think he might very well stay in.”
The odds for the Democratic nomination have been fluctuating significantly in the past week. Two days ago, Polymarket reported Biden favored at 71% to secure the Democratic nomination after a late-night call-in on MSNBC where he had to defend his health status. Currently, his chances have dropped to 48%, with Kamala Harris closing in at 38%.
In the broader race for the U.S. Presidential election, Donald Trump remains the favorite with 62% odds, followed by Harris at 16% and Biden at 12%.