Name: U.S. recession before May 2025?
Start: 2024-09-26T16:04:48.547042Z
End: 2025-04-30T12:00:00Z

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This market will resolve to "Yes" if the National Bureau of Economic Research (NBER) publicly announces that a recession has occurred in the United States, at any point in 2024 or later, with the announcement made between September 25, 2024, and April 30, 2025, inclusive. Otherwise, this market will resolve to "No". 

The resolution source will be the official announcements from the NBER.

U.S. recession before May 2025?

This market will resolve to “Yes” if either of the following conditions is met:

1.  The seasonally adjusted annualized percent change in quarterly U.S. real GDP from the previous quarter is less than 0.0 for two consecutive quarters between Q2 2025 and Q4 2026 (inclusive), as reported by the Bureau of Economic Analysis (BEA). 

2.  The National Bureau of Economic Research (NBER) publicly announces that a recession has occurred in the United States, at any point during 2025 or 2026, with the announcement made by the time the BEA releases the advance estimate for Q4 2026.

Otherwise, this market will resolve to "No". 

Note that advance estimates will be considered. For example, if upon release, the advance estimate for Q3 2025 was negative, and the Q2 2025's most recent, up-to-date estimate was also negative, this market would resolve to "Yes". If on December 31, 2026 the latest estimate for quarterly GDP in Q3 2025 was negative, this market will stay open until the Advance estimate of Q4 2026 is published, at which point it will resolve to "Yes" if Q4 2026 was negative or if the NBER declares a recession by then.

The resolution source will be the official announcements from the NBER and the BEA’s estimate of seasonally adjusted annualized percent change in quarterly US real GDP from previous quarters as released by the Bureau of Economic Analysis (BEA), https://www.bea.gov/data/gdp/gross-domestic-product

US recession by end of 2026?

This market will resolve to “Yes”, if either of the following conditions are met:

1.  The C.D. Howe Institute’s Business Cycle Council publicly announces that a recession has occurred in Canada, at any point before 2027, with the announcement made by December 31, 2026, 11:59 PM ET.

2.  The seasonally adjusted annualized percent change in quarterly Canadian Real GDP (expenditure-based), chained (2017) dollars GDP from the previous quarter is less than 0.0 for two consecutive quarters between Q4 2025 and Q4 2026 (inclusive), as reported by Statistics Canada (StatCan).

Otherwise, this market will resolve to "No".

Note that any two consecutive, concurrent vintages indicating negative GDP growth will qualify, regardless of prior or later revisions. For example, if upon release, the initial estimate for Q2 2026 was negative, and Q1 2026's most recent, up-to-date estimate was also negative, this market would resolve to "Yes". If on December 31, 2026 the latest estimate for quarterly GDP in Q3 2026 was negative, this market will stay open until Statistics Canada publishes the initial estimate for Q4 2026, at which point it will resolve to "Yes" if Q4 2026 was negative or if the C.D. Howe Institute’s Business Cycle Council declares a recession by then.

The resolution source will be the official announcements from the C.D. Howe Institute’s Business Cycle Council and Statistics Canada’s estimate of seasonally adjusted annualized percent change in quarterly Canadian real GDP from previous quarters as released by Statistics Canada (e.g., as reported in the line “Gross domestic product at market prices” in Table 3 of the quarterly GDP release: https://www150.statcan.gc.ca/n1/daily-quotidien/250829/t003a-eng.htm)

Canada recession before 2027?

This market will resolve to 'Yes' if the seasonally adjusted and annualized GDP growth rate for the full year 2025, as derived from the 'Advance Estimate' for Q4 2025, scheduled for release by the U.S. Bureau of Economic Analysis (BEA) on January 30, 2026, reports a growth rate below 0. Otherwise, this market will resolve to 'No'.

The GDP release will be available at: https://www.bea.gov/data/gdp/gross-domestic-product.

Only the first available GDP report labeled as the 'Advance Estimate' for Q4 2025, which provides the initial full-year 2025 GDP growth rate, will be used for resolution. Any subsequent revisions or updates to the data will not be considered.

Negative GDP growth in 2025?

This market will resolve to 'Yes' if the seasonally adjusted and annualized GDP growth rate for the full year 2026, as derived from the 'Advance Estimate' for Q4 2026, with a release by the U.S. Bureau of Economic Analysis (BEA) expected in January 2027, reports a growth rate below 0. Otherwise, this market will resolve to 'No'.

The GDP release will be available at: https://www.bea.gov/data/gdp/gross-domestic-product.

Only the first available GDP report labeled as the 'Advance Estimate' for Q4 2026, which provides the initial full-year 2026 GDP growth rate, will be used for resolution. Any subsequent revisions or updates to the data will not be considered.

Negative GDP growth in 2026?

This market will resolve to “Yes” if any seasonally adjusted unemployment rate (total unemployed, as a percent of the civilian labor force, official unemployment rate denoted as U-3) reported by the Bureau of Labor Statistics in an “Employment Situation Report” for a reference month in 2026 is greater than or equal to the listed percentage. Otherwise, this market will resolve to “No”.

The relevant reports for this market are the Employment Situation Reports for January-December, 2026. This market may not resolve to “No” until the Employment Situation report for December 2026 is released. If no Employment Situation Report for December 2026 is released by March 31, 2027, 11:59 PM ET, however, this market will resolve based on all previously published data up to that time. 

The resolution source for this market is the Monthly Employment Situation Report, published by the BLS every month at https://www.bls.gov/bls/news-release/empsit.htm, specifically the U-3 measure in Table A-15 for each month.

Note: the resolution source for this market reports unemployment to one decimal point. Thus, this is the level of precision that will be used when resolving the market.

Will US unemployment reach at least 5.0% in 2026?

This market will resolve to "Yes" if President of the United States Donald Trump announces he has resigned or will resign the presidency by December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to "No."

If it becomes impossible for Donald Trump to resign or to announce his resignation (e.g., due to his removal from office by other means, etc.), this market will immediately resolve to "No."

For this market to resolve to "Yes," it is only necessary that Trump announce that he has resigned or will resign. Whether he actually resigns will have no bearing on the resolution of this market.

The primary resolution source for this market will be official information from the US federal government; however, a consensus of credible reporting will also be used.

Will Trump resign by December 31, 2026?

This market will resolve to “Yes” if the upper bound of the target federal funds rate is increased at any point between January 1, 2026 and the Fed's December 2026 meeting, currently scheduled for December 8-9, 2026. Otherwise, this market will resolve to “No”.

This market may not resolve to "No" until the Fed has released its rate change decision following its December meeting.

The primary resolution source for this market will be the official website of the Federal Reserve (https://www.federalreserve.gov/monetarypolicy/openmarket.htm), however a consensus of credible reporting may also be used.

Fed rate hike in 2026?

This market will resolve to "Yes" if the 2026 US Midterm Elections happen on November 3, 2026. Otherwise, this market will resolve to "No".

The primary resolution source for this market will be official information from the US government, however a consensus of credible reporting will also be used.

Will the 2026 Midterm Elections happen as scheduled?

This market will resolve to "Yes" if the Bureau of Labor Statistics fails to release any monthly report on the Consumer Price Index by 11:59PM ET on the scheduled release date between December 1, 2025 and December 31, 2026, 11:59PM ET. Otherwise, this market will resolve to "No".

If an announcement is made by the White House or the BLS that the monthly CPI release will be delayed or cancelled altogether, this market will immediately resolve to "Yes".

The resolution source for this market will be information from the BLS or a consensus of credible reporting. 

BLS delays another CPI release before 2027?

This market will resolve to “Yes” if the upper bound of the target federal funds rate is decreased at any point between December 16, 2025 and the completion of the Federal Open Market Committee (FOMC) meeting for June 2026, currently scheduled for June 16-17. Otherwise, this market will resolve to “No”.

If no June meeting takes place by July 7, 2026, 11:59 PM ET, and no qualifying rate cut has been announced, this market will resolve to "No". 

Emergency rate cuts will qualify.

The primary resolution source for this market will be the official website of the Federal Reserve (https://www.federalreserve.gov/monetarypolicy/openmarket.htm), however a consensus of credible reporting may also be used.

Fed rate cut by June 2026 meeting?

This market will resolve to “Yes” if the listed individual officially announces that they are running for U.S. President in the 2028 United States presidential election by December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to “No”.

An announcement by the listed individual  will be sufficient to trigger a "Yes" resolution, regardless of whether they actually filed a nomination to run, or whether they actually file a nomination to run in the future.

The primary resolution source for this market will be official statements by the listed individual (ex: via speech, social media, etc.), however a consensus of credible reporting may also be used.

Will Gavin Newsom announce a Presidential run before 2027?

This market will resolve to “Yes” if 1 or more earthquakes with a magnitude of 9.0 or higher occur anywhere on Earth between December 8, 2025 12:00 PM ET, and December 31, 2026, 11:59PM ET. Otherwise, this market will resolve to “No”.

The resolution source for this market is the United States Geological Survey (USGS) Earthquake Hazards Program (https://earthquake.usgs.gov/earthquakes/browse/significant.php#sigdef).

If an earthquake of substantial size has occurred within this market's timeframe but not yet appeared on the resolution source, this market may remain open until January 31, 2027, 11:59 PM ET, or until the earthquake in question otherwise appears on the resolution source. If such an earthquake has not appeared on the resolution source by that date, another credible resolution source will be used. 

After a qualifying earthquake is registered, this market will remain open for 24 hours to account for any revisions to its recorded magnitude. After 24 hours, this market will resolve according to the latest provided data.

9.0 or above earthquake before 2027?

This market will resolve to "Yes" if a marketwide circuit breaker is triggered on the New York Stock Exchange (NYSE) at any time between November 7, 2025, and December 31, 2026. Otherwise, this market will resolve to “No”.

A marketwide circuit breaker is defined as a trading halt that is initiated due to significant declines in the S&P 500 Index, specifically a Level 1, Level 2, or Level 3 halt as per NYSE rules.

The primary resolution source for this market will be official information from the NYSE, however a consensus of credible reporting will also be used.

NYSE marketwide circuit breaker before 2027?

This market will resolve to “Yes” if the upper bound of the European Central Bank’s (ECB) deposit facility rate is decreased at any point between January 1, 2026 and the conclusion of the ECB's December 2026 meeting, currently scheduled for December 16-17, 2026. Otherwise, this market will resolve to “No”.

This market may not resolve to "No" until the ECB has released its rate change decision following its December meeting. If, however, the ECB’s December meeting is cancelled, postponed after December 31, 2026, or the rate change decision for that meeting is otherwise unknown by December 31, 2026, 11:59 PM ET, and no qualifying rate decrease has occurred, this market will resolve immediately to “No”.

The primary resolution source for this market will be the European Central Bank (https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html), however a consensus of credible reporting may also be used.

ECB rate cut in 2026?

This market will resolve to “Yes” if the upper bound of the European Central Bank’s (ECB) deposit facility rate is increased at any point between January 1, 2026 and the conclusion of the ECB's December 2026 meeting, currently scheduled for December 16-17, 2026. Otherwise, this market will resolve to “No”.

This market may not resolve to "No" until the ECB has released its rate change decision following its December meeting. If, however, the ECB’s December meeting is cancelled, postponed after December 31, 2026, or the rate change decision for that meeting is otherwise unknown by December 31, 2026, 11:59 PM ET, and no qualifying rate increase has occurred, this market will resolve immediately to “No”.

The primary resolution source for this market will be the European Central Bank (https://www.ecb.europa.eu/stats/policy_and_exchange_rates/key_ecb_interest_rates/html/index.en.html); however, a consensus of credible reporting may also be used.

ECB rate hike in 2026?

This market will resolve to "Yes" if the CDC identifies a new COVID variant of concern between December 1, 2025, and December 31, 2026, 11:59PM ET. Otherwise this market will resolve to "No".

The CDC's variant classification scheme can be found here: https://stacks.cdc.gov/view/cdc/107682.

The resolution source for this market will be official information from the CDC.

New COVID variant of concern before 2027?

This market will resolve to "Yes" if the Treasury 10-year yield is lower than the listed value for any date between November 11, 2025 and December 31, 2026. Otherwise this market will resolve to "No".

The resolution source for this market is the Department of the treasury, specially the data listed under "Daily Treasury Par Yield Curve Rates" for the column "10 Yr" (see: https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2025).

Will the 10-year Treasury yield dip below 4.0% before 2027?

This market will resolve to “Yes” if 1 or more earthquakes with a magnitude of 10.0 or higher occur anywhere on Earth between December 8, 2025 12:00 PM ET, and December 31, 2026, 11:59PM ET. Otherwise, this market will resolve to “No”.

The resolution source for this market is the United States Geological Survey (USGS) Earthquake Hazards Program (https://earthquake.usgs.gov/earthquakes/browse/significant.php#sigdef).

If an earthquake of substantial size has occurred within this market's timeframe but not yet appeared on the resolution source, this market may remain open until January 31, 2027, 11:59 PM ET, or until the earthquake in question otherwise appears on the resolution source. If such an earthquake has not appeared on the resolution source by that date, another credible resolution source will be used. 

After a qualifying earthquake is registered, this market will remain open for 24 hours to account for any revisions to its recorded magnitude. After 24 hours, this market will resolve according to the latest provided data.

10.0 or above earthquake before 2027?

This market will resolve to "Yes" if the President of the United States, any member of the Cabinet of the United States, any member of the Joint Chiefs of Staff, or any US federal agency definitively states that extraterrestrial life or technology exists by December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to "No".

The primary resolution source for this market will be official information from the government of the United States, however a consensus of credible reporting will also be used.

Will the US confirm that aliens exist before 2027?

This market will resolve to "Yes" if at least one seat on the United States Supreme Court becomes vacant between January 1 and December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to "No".

The primary resolution source for this market will be official announcements from the U.S. Government. However, a consensus of credible reporting may also be used.  

Supreme Court vacancy in 2026?

This market will resolve to "Yes" if the Treasury 10-year yield reaches or is higher than the listed value for any date between December 9, 2025 and March 31, 2026. Otherwise this market will resolve to "No".

The resolution source for this market is the Department of the Treasury, specially the data listed under "Daily Treasury Par Yield Curve Rates" for the column "10 Yr" (see: https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2025).

Will the 10-year treasury yield hit 4.3% by March 31?

This market will resolve to "Yes" if a U.S government funding lapse occurs on January 31, 2026, 12:00 AM ET. Otherwise, this market will resolve to "No".

A funding lapse is defined as the President failing to sign the relevant bill(s) extending government funding by January 30, 2026, 11:59 PM ET. If a bill extending the funding of the U.S. government is passed and signed by the acting President before January 31, 2026, 12:00 AM ET, this market will resolve to "No".

For this market to resolve to "Yes," any funding lapse will count. If only a portion of the US government is covered by any signed bill(s) extending funding of the US government, and a portion of the US government goes unfunded, this market will still resolve to "Yes".

The primary resolution for this source will be official information from the US government, however a consensus of credible reporting may also be used.

U.S. Government Funding Lapse on January 31?

This market will resolve to “Yes“ if the US House of Representatives by simple majority vote to approve or pass one or more articles of impeachment of President Donald Trump, between July 24, 2025, and December 31, 2026, 11:59 PM ET. Otherwise, this market will resolve to "No".

Neither trial nor conviction by the US Senate, nor removal from office, is necessary to resolve this market to “Yes“.

The primary resolution source for this market will be information from the federal government of the United States, however a consensus of credible reporting will be used.

Trump impeached by end of 2026?

This market will resolve to "Yes" if an official agreement on nuclear arms control or strategic nuclear weapons limitation is reached between the United States and the Russian Federation between December 9, 2025 and June 30, 2026, 11:59 PM ET. Otherwise, this market will resolve to “No”.

Only agreements that are publicly announced and acknowledged by both the U.S. and Russia will qualify. The agreement must pertain to nuclear arms control or limitation—such as a treaty, framework, or memorandum—addressing matters including (but not limited to) nuclear warheads, delivery systems, verification mechanisms, or strategic stability.

An extension, amendment, or replacement of the New START treaty will qualify, provided it is publicly announced as a concluded agreement by both parties within the time frame. Exploratory discussions or stated intent to extend without a finalized agreement will not qualify.

Agreements that include both the United States and Russia as named parties—whether bilateral or as part of a broader multilateral framework—will qualify, provided the agreement directly addresses nuclear arms control.

The agreement does not need to be ratified or implemented for this market to resolve "Yes"; a formal announcement of a concluded agreement is sufficient.

The primary resolution source for this market will be official statements from the U.S. government (e.g., the White House, State Department) and/or the Russian Federation (e.g., the Kremlin, Ministry of Foreign Affairs). However, a clear and overwhelming consensus of credible reporting confirming that such an agreement has been reached will also qualify.

U.S. x Russia Nuclear deal by June 30?

This market will resolve to "Yes" if the next Canadian federal election is officially scheduled for a date prior to October 2029, by June 30, 2026, 11:59 PM ET. Otherwise, this market will resolve to "No".

For this market to resolve to "Yes" it is only necessary that the election date be declared, not that the election actually occur within the market timeframe. (e.g. if on December 23, 2025 an election is scheduled for November 23, 2026, this market will resolve to "Yes").

The primary resolution source for this market will be official information from the government of the Canada, However a consensus of credible reporting will also be used.

Another Canada election called by June 30?

In Q4 2024, government expenditures were $7,106,807,000,000 (see https://fred.stlouisfed.org/series/FGEXPND). 

This market will resolve to “Yes” if federal government current expenditures decrease by 5% or more between the Q4 2024 report and the Q4 2025 report. Otherwise, it will resolve to "No".

Any 2025 quarterly report of $6,751,467,000,000 or less will qualify for a “Yes” resolution.

Revisions made to these figures will not be considered, only the values reported in the initial reports will be used.

This market's resolution source is the Federal Government: Current Expenditures chart maintained by the St. Louis Federal Reserve Bank, displayed here (https://fred.stlouisfed.org/series/FGEXPND).


U.S. recession before May 2025?

Market Context

U.S. recession before May 2025?

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U.S. recession before May 2025?

Market Context

U.S. recession before May 2025?

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