Jerome Powell’s term as Fed chair ends in May 2026, but he has the option to remain on the board until January 2028. It is traditional for Fed chairs to resign after they are not re-appointed chair, but this would give Trump a chance to appoint another member of the board early. This market will resolve to YES if Jerome Powell resigns from the Fed board before a month has passed since his term as chair ended and NO otherwise. It will resolve to N/A if Powell is re-appointed Fed chair.