No major 2028 presidential candidates have formally announced campaigns as of late March 2026, amid President Trump's term limit creating an open field for both parties. Trader consensus reflects caution with low implied probabilities across outcomes, driven by early positioning rather than commitments: Kentucky Sen. Rand Paul signaled interest in a White House bid during a mid-March CBS interview, emphasizing free trade opposition to Trump-era tariffs, while Vice President J.D. Vance topped CPAC's March 28 straw poll at 53% Republican support. Democrats and Republicans alike are testing waters via international appearances like the Munich Security Conference and planned early-state visits by figures such as former Chicago Mayor Rahm Emanuel. November 2026 midterms loom as a pivotal catalyst for candidacies, with exploratory committees or direct declarations eyed before year-end resolution.