President Biden is not budging from the campaign trail, he told ABC's George Stephanopoulos in an interview last Friday. Biden went on to rebuff calls from Democrat lawmakers for him to exit the 2024 race in a letter published this week.

Raymond James Managing Director Ed Mills believes Biden's reelection efforts and rematch with former President Trump are "on a collision course" with Democrats' fears of a Trump victory, ultimately costing the party a Congressional majority.

"So that conflict here, I think, is going to play out very publicly this week. We probably have to have a decision mid-month because there's an... August 7 deadline for the ballot in Ohio that Democrats need to make, and that's really, to me, where we're looking at when a full final solution will be developed," Mills tells Seana Smith and Brad Smith on The Morning Brief.

Catch The Morning Brief's full interview with Ed Mills and his thoughts on this election's broader market impacts.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Follow along the latest Yahoo Finance reporting on the 2024 election cycle:

This week in Bidenomics: Kamalanomics?

Top concerns around a last-minute Biden exit from election

If Biden drops out of the presidential race, what happens next?

2024 election may be a 'bloodbath' for Dems if Biden runs

Markets could see 'knee-jerk' positive jump to Trump victory

Worried about Biden and Trump wreaking havoc on your portfolio? There's nowhere to hide!

2024 elections: Biden's party woes, UK's Labour priorities

Biden pressured by major donors to end reelection campaign

DNC could nominate Biden as early as July 21: Bloomberg