Sources close to Mike Bloomberg tell Axios that last week’s announcement was partly a trial balloon to gauge interest and preserve the former mayor’s options — but his own very extensive polling remains far from convincing.

The big picture: Polling being studied by Bloomberg shows big, perhaps insurmountable hurdles, particularly if Joe Biden stays in.

Why it matters: That’s why Bloomberg didn’t run in the first place, and still might not.

Bloomberg, reflecting his life in business, is practical and data-driven. His formal announcement has always been contingent on whether polling showed a convincing path to victory.