Trump has already exercised broad clemency authority early in his second term, issuing a day-one proclamation granting pardons and commutations to thousands of January 6 defendants while continuing targeted grants through mid-2026 that often bypass traditional Department of Justice review. Reports indicate plans for additional large-scale actions before the end of his term, potentially favoring close advisers, donors, and political allies through informal channels rather than formal petitions. Market resolution by December 31, 2026, aligns with the window before a possible transition, with trader focus on individuals who have received public support or fit patterns of past grants. Key variables include scheduled announcements, donor influence, and any legislative or legal constraints on further executive actions.