National Bureau of Economic Research, 1050 Massachusetts Ave, Cambridge, MA
ESTIMATEDDate confidence: ESTIMATEDA target, not a fixed dateHow firmly the source words the date: confirmed, scheduled, estimated, delayed or unverified.Show all ESTIMATED pins65% CONFIDENCEOverall confidence: 65%How well the pin's source and references back up its dates.Weighted average of how firmly 5 references, the source included, support the pin's start and end times; a reference counts half as much for every 180 days older than the newestShow all pins from 50% to 74% confidence
The market asks only whether the two negative quarters fall anywhere between Q4 2026 and Q4 2027, so there is no single day to hang it on; by the convention for a year-only date the pin takes the last day of 2027. Kalshi[1][3] does not expire it until January 31, 2028, when the advance estimate for Q4 2027 is due. The 25% is the chance on Kalshi’s trade panel, which sits beside a 24¢ Yes price. Kalshi
Polymarket
Kalshi’s recession market for 2027 prices the chance of two consecutive quarters of negative GDP growth between Q4 2026 and Q4 2027, on the Bureau of Economic Analysis’s advance estimates — despite the KXRECSSNBER ticker, no NBER call is involved. On 20 September 2026 it sat at 25%, its 2026 contract at 6%, and Polymarket’s cumulative "recession by end of 2027" book, which also counts an NBER announcement, was higher still at 34.5%.
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