Traders Weigh a US Recession Through 2027
National Bureau of Economic Research, 1050 Massachusetts Ave, Cambridge, MA
ESTIMATED74% CONFIDENCEThe 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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