Trump’s consistent public stance that it remains too early to select a 2028 successor has reinforced trader expectations that no presidential endorsement will occur before January 1, 2027. With the 2026 midterms still weeks away and no major Republican or Democratic contenders having formally declared, the presidential primary cycle has not yet begun in earnest. Trump has focused endorsements on 2026 congressional and state races while repeatedly describing the 2028 field as deep and undecided. The narrow remaining window before year-end further limits opportunities for a shift. A surprise candidate announcement immediately after the midterms or an unforeseen political development could still prompt an earlier move, though such timing would depart from established patterns.