Fed Under Political Pressure

At Kalshi, the race for the next Fed chairman is concentrated on two names, Kevin Hassett (43%) and Kevin Warsh (41%).

Meanwhile, Jerome Powell is reacting to political pressure following news of DOJ attacks related to interest rate policy, reinforcing his defense of the Fed's autonomy.

The backdrop is clear: monetary policy has become a political battleground.

And the market is starting to price that in.