The market knew today's announcement was coming: Over the last 7 days, the odds of Fed Chair Powell "out as Fed Chair" in 2025 rose from 12% to 26%, per Kalshi. This came with no news at all. Today, the White House said that President Trump is "likely" going to fire Fed Chair Powell. The odds of Powell "out as Fed Chair" surged to a new high of 38% after the announcement. Keep watching the market.