Investors begin to adjust to Joe Biden taking himself off the ticket.

I'm David Brancaccio in New York. During the GOP convention last week

Donald Trump was riding high after his brush with a would-be

assassin's bullet and revealing his choice for Vice President. In the financial

world the story was the Trump trade, how investors moved money assuming Trump's

chances for victory were higher.

Economist Julia Coronado is on the line from Austin now.

Julia, what might be the Biden is out trade look like?

Probably just a little bit of unwind of the Trump trade. So the idea was

inflation, high tariffs, tax cuts would mean stronger dollar, higher bond yields, maybe a boost to equities.

Equity seem to be fine this morning.

Actually, bond yields are a little bit lower and the dollar's a little bit lower, so things have shifted a little bit lower so things have shifted a little bit doesn't look like a

huge reaction but we really are awaiting what will the ticket really be mostly I

think the focus would be a continuity would be the baseline expectation

if the odds of a Harris blank ticket is on the rise.

All right. And again, that reminder, while Vice President Harris is gaining support from

fellow Democrats seemingly by the hour, that is not set in stone yet.

That's correct.

We still need to formalize what is the Democratic ticket and then see polling and all kinds of things

before markets can really latch on to what has really shifted over the weekend to a whole new landscape.

Economist Julia Karnato is founder of macro policy perspectives.

Thank you very much.

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