2 hours ago
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Jerome Powell might continue at the Fed beyond his chair term, with the Powell out as Fed Chair by May 14 market sitting at 4% YES, up from 2% a day ago.
The sharpest moves are in the May 15 and May 31 contracts. The May 15 market jumped to 74% YES from 26% yesterday. The May 31 odds hit 97% YES, up from 58% a week ago. The 70-point gap between the May 14 and May 15 contracts tells a clear story: traders expect something specific to happen on or around May 15.
In the related Fed Chair Confirmation market, Kevin Warsh’s confirmation by May 15 holds at 92% YES, unchanged over 24 hours. That stability, even as the Powell timeline gets murkier, suggests traders see the confirmation process as largely independent of when Powell formally exits.
The two markets differ sharply in liquidity. The combined “Powell Out” contracts traded $25,950 in daily USDC, with just $3,604 needed to move the May 14 market by 5 points. That thin book explains the 48-point spike, the largest single move. The Warsh confirmation market traded $27,187 in daily USDC but requires $23,574 to shift odds by 5 points, making it far harder to move.
Powell staying on could complicate the Warsh confirmation timeline, but the two outcomes aren’t necessarily linked. Traders betting on Powell’s exit by May 14 face a 25x return if he steps down. To justify that bet, you’d need to believe a formal announcement is imminent. Without concrete signals, the thin order book makes this as much a liquidity play as a directional one.
Watch for Powell’s upcoming news conference and any Senate Banking Committee actions. Either could shift the timeline for Fed leadership and move these contracts.
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