Jerome Powell To Step Down? X Abuzz With Rumors, But Polymarket Bettors Are Not Buying It
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Bettors on Polymarket were not convinced about Jerome Powell's exit as rumors circulated that the Federal Reserve Chair would step down on Monday.
What Happened: The odds for the betting contract titled "Will Trump remove Jerome Powell in 2025?" remained unchanged at 12%, despite strong speculation on X regarding his resignation.
According to the rules, the market will resolve to "Yes" if Powell ceases to be Fed Chair before Dec. 31. Over $838,000 has been wagered on this outcome as of this writing.
Note that Polymarket, which operates on the Polygon (CRYPTO: POL) blockchain, is unavailable to U.S. residents due to regulatory restrictions.
Trending: — no wallets, just price speculation and free paper trading to practice different strategies.
Widely followed X handles have been amplifying rumors that Powell will resign on Monday, despite no evidence supporting this possibility yet.
The Fed didn't immediately return Benzinga's request for comment.
Why It Matters: These developments come days after President Donald Trump summoned Powell to the White House. Trump informed the central bank chief that he was making a "mistake" by not lowering interest rates.
Powell maintained the Fed's independence, stating that monetary policy "will depend entirely on incoming economic information. The rates have been kept steady at 4.25% to 4.50% for the third consecutive meeting.
Tensions between Trump and the central bank over the direction of interest rate policy have persisted. Trump has continuously called for further cuts, arguing that inflation is no longer a pressing issue.
While Trump has taken potshots at Powell, he stated earlier that he had 'no intention' of firing the Fed Chair.
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This article Jerome Powell To Step Down? X Abuzz With Rumors, But Polymarket Bettors Are Not Buying It originally appeared on Benzinga.com
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