Vice President Kamala Harris has officially become the Democratic Party's presidential nominee, securing 99% of the delegate votes in a virtual roll call that concluded on Monday night.
In a strategic move, Harris has selected Minnesota Governor Tim Walz as her running mate. According to analysts at UBS, this decision brings a popular governor with legislative experience to the ticket, aimed at bolstering her chances in what the bank's analysts describe as a "close presidential election."
They note that Governor Walz, who has been serving as Minnesota's 41st governor since 2018 and was re-elected in 2022, previously represented Minnesota's first congressional district in the US House of Representatives from 2007 to 2019.
He is a Nebraska native, retired teacher, and former non-commissioned officer in the US Army, Walz's appeal lies in his ability to win elections in conservative-leaning districts, a factor likely considered by Harris to widen her electoral base.
UBS says Presidential nominees typically select their running mates based on various strategic factors such as regional, gender, racial, or age diversity.
The bank believes Harris's choice of Walz, who joined the vice-presidential selection process late but garnered support from both progressives and moderates, reflects a calculated effort to attract a broader electorate, contrasting her San Francisco political roots.
UBS analysts note that the race has tightened significantly in the past five weeks, following President Biden's decision to withdraw from the race and Harris's subsequent nomination.
They state that former President Trump no longer holds a clear polling advantage in critical swing states, with narrow margins between candidates within the margin of error. With three months remaining until Election Day, UBS concludes that the election is "too close to call," indicating a highly competitive race ahead.