Colombia's constitutional term limits bar President Gustavo Petro from seeking reelection, with his mandate ending August 7, 2026, after the May 31 first-round presidential vote. Recent legislative elections gave his Historic Pact coalition the largest Senate bloc but short of a majority needed for major reforms, including proposals for a constituent assembly. No verified impeachment proceedings, resignation signals, or successful removal efforts have surfaced in the past month, following the rejection of earlier 2025 plots. Traders weigh ongoing polarization over security policy, drug production trends, and potential late-stage legislative or judicial developments against the structural certainty of an electoral transition.