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Trump’s Sentencing Delayed Until September

Word of the week Wednesday, partial immunity for Trump as sentencing is delayed, calls for Biden to step aside, and what's happening today.

Word of the Week Wednesday
Symposium:“either a formal meeting at which experts discuss a particular topic, or refers to a collection of articles on a particular subject” Merriam-Webster.

Trump’s Sentencing Delayed Until September

The sentencing of Donald Trump’s hush-money case – which saw the former President convicted of 34 felonies for falsifying business records – has been pushed back until September.

This follows the Supreme court issuing a decision on Monday which indicated that former President could benefit from partial immunity, though exactly what these amounts to remains unclear.

Given that his conviction marked the first time any sitting or former president has been criminally convicted, there is no precedent for this case, and as such Justice Juan Merchan indicated that he would issue a decision by 6 September.

As we have looked at, Trump still faces three other ongoing criminal trails. This includes the case in Washington DC where the former president has been accused of conspiring to overturn the election in 2020 in addition his involvement on the 6 of January riots which saw the US houses of Congress broken into. Trump has also been charged in Florida, accused of mishandling classified documents in Mar-a-Lago, in addition to Georgia for allegedly conspiring to overturn the election.

Both the Supreme Courts’ case and Justice Juan Merchan’s sentencing will continue to attract a great deal of attention as the US gears up for the election in November.

Representative Calls for Biden to Step Aside

Sticking with the US election, Texan Representative Lloyd Doggett became the first Democratic Congressperson to call for President Biden to step aside from the Election. Speaking yesterday, Doggett said that “I am hopeful that [Biden] will make the painful and difficult decision to withdraw”.

Presently, it looks as though Biden will continue to run, though some consider how Doggett’s remarks could pave the way for other Democratic lawmakers to do the same.

The Representative’s comments come as Biden faces concern and criticism over his performance during the Presidential Debate held last Friday.

Speaking yesterday, Biden cited jet lag as a key reason for his suboptimal performance saying that he was “travelling around the world a couple of times” in the run up to the debate.

…Presidential Air Miles

Perhaps it’s worth noting at this point that Joe Biden has made 18 international trips to 24 countries during his Presidency.

This compares against Bill Clinton and George W. Bush who both visited 72 and 73 countries respectively during their time as Commander-in-Chief. Meanwhile, between 2009 to 2017, President Barack Obama visited 58 countries. Of course, it’s worth noting that all these Presidents served two terms (Clinton between 1993–2001, Bush from 2001–2009 and Obama 2009 to 2017). And hence while the comparisons are not exactly like-for-like, it’s evident that Biden is less travelled than many other modern-day Presidents, though international travel was of course made more difficult during Covid.

Today in Focus

Today marks the last day of campaigning before the UK electorate heads to the polls tomorrow, with coverage likely dominating UK news.

Markets will today also be keeping a close eye on PMI data out of the Eurozone to gain an indication over the performance of private sector output following the ECB’s rate cut last month. This comes ahead of Eurozone PPI at 10:00 and ADP employment figures from the US at 1330. The day will round-off with US PMI figures released at 1445 ahead of the FOMC minutes released at 1900 as markets look to gain some insight and forward guidance from policy makers as markets speculate on when the Fed will make their first cut.

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