Bettors on Polymarket seem skeptical about rumors surrounding the potential resignation of Federal Reserve Chair Jerome Powell. Despite speculation suggesting that Powell would step down on Monday, the betting odds for a contract titled “Will Trump remove Jerome Powell in 2025?” have remained unchanged at 12%. Over $838,000 has been wagered on this outcome.
It is important to note that Polymarket operates on the Polygon blockchain and is unavailable to U.S. residents due to regulatory restrictions. Despite the ongoing rumors amplified by various social media handles, there is currently no evidence to support the idea that Powell will resign. The Federal Reserve has not provided comment in response to inquiries.
This speculation comes on the heels of President Donald Trump’s recent remarks regarding Powell, during which he suggested that the Fed Chair was making a mistake by not lowering interest rates. Powell has emphasized the importance of the Fed’s independence and indicated that monetary policy decisions will be made based on incoming economic data. Currently, the interest rates remain steady at 4.25% to 4.50% for the third consecutive meeting.
Tensions between Trump and the Federal Reserve regarding interest rate policy have been evident, with Trump advocating for further cuts and deeming inflation less of a concern. While Trump has often criticized Powell’s approach, he has clarified that he has “no intention” of firing the Fed Chair.
This impasse highlights the ongoing challenges the Federal Reserve faces in navigating economic pressures and political opinions as it aims to ensure monetary stability. The resilience of the betting odds suggests that many are choosing to reserve judgment on Powell’s future at the Fed, pointing to a cautious approach amidst speculation.