
Linked to this Kalshi question:
If there are more than 250000 federal employees no longer working relative to the January 2025 employee count before Jan 2026, then the market resolves to Yes. Outcome verified from FRED.
Note the resolution criteria—what matters is the change in the count of federal employees, not whether we can confirm Trump and/or Elon directly fired them. For reference, the specific chart Kalshi links to appears to be this one.
People are also trading
https://www.newsweek.com/jd-vance-says-deeper-cuts-possible-government-shutdown-10867289
VP Vance. Deeper cuts as the shutdown continues
https://www.cnbc.com/2025/10/10/trump-russ-vought-layoffs-government-shutdown.html
OMB Vought RIFs have begun and are substantial.
@MachiNi OMB Vought says over 10,000 will be fired.
https://www.axios.com/2025/10/15/federal-layoffs-russell-vought-government-shutdown
@brianwang could, yes, and that’s more than twice the previous number, which was what they announced then.
Federal employment data in FRED, from the BLS Current Employment Statistics (CES) survey, is based on payrolls for the pay period that includes the 12th of the month. For September 2025, that pay period includes September 12, so layoffs at midnight on September 30 wouldn't affect it.
@Mmmmm Yeah, furloughed employees wouldn't count, but using the shutdown as a pretext to actually fire furloughed people would. The question is, who would they fire during a furlough that they wouldn't fire otherwise?
Why are poly ( https://polymarket.com/event/of-jobs-elon-and-doge-cut-in-2025?tid=1757524386226 ) and kalshi ( https://kalshi.com/markets/kxfedemployees/federal-government-employee-count ) so far apart?
@FergusArgyll I believe Polymarket is using Dec 2024 (3.012 million) minus Dec 2025, and Kalshi is using Jan 2025 (3.015 million) minus Jan 2026.
@travis ah so one month fewer to swing?
Idk how much sense that makes if we expect the numbers that push us above 200/250k to happen in November. IMO that hints at irrationality on the YES side of this trade
@travis That's not quite right, though. Neither this market nor the Kalshi one is going to wait until Jan 2026 data is available in order to resolve. Strictly 'before 2026'.
@BorisBartlog I guess you're right. So they really are far apart. You can buy over 200k on Polymarket for 53 cents and under 250k on Kalshi for 40 cents. I bought some of the under on Kalshi.