Powell's unexpected departure (whether resignation or removal) would be a massive 'Black Swan' event, triggering extreme panic regarding monetary policy continuity. US Treasury yields would experience violent volatility (direction depending on successor expectations), equities could crash due to uncertainty, and Gold would spike as a safe haven. The impact is sufficient to alter medium-term macro trends.

April 30, 2026 - May 1, 2026, the 'May 15' option price dropped from 86.5c to 75.5c, as the market developed slight doubts about the exact-to-the-day timing of his departure, with some capital taking profits or hedging against the possibility of a very brief administrative handover delay. April 29, 2026 - April 30, 2026, the 'May 15' option price surged from 73c to 86.5c, as the market became increasingly convinced that Powell will step down exactly on schedule when his statutory term expires on May 15, without any holdover period. April 28, 2026 - April 29, 2026, the 'May 15' option price surged from 25.5c to 73c, and the 'May 16' option surged from 62c to 85.5c, as the market rapidly shifted expectations to believe there is a high likelihood Powell will step down exactly upon his term expiration on May 15, rather than serving a prolonged period as Chair Pro Tempore. April 26, 2026 - April 27, 2026, the 'May 31' option price rose from 78.5c to 85.5c, and 'June 30' increased from 90.8c to 96.4c, as the market further consolidated its expectation that the official transition will likely be completed between late May and late June. April 25, 2026 - April 26, 2026, option prices stabilized, with 'May 31' hovering around 78.5c and 'June 30' inching up to 90.8c. The market has entered a consolidation phase after the sharp revaluations of previous days. April 24, 2026 - April 25, 2026, the 'May 31' option price surged from 44.5c to 80.5c, and the 'June 30' option rose from 78.5c to 88.55c. This occurred as the market reassessed the potential duration of Powell's holdover as 'Chair Pro Tempore', increasingly confident that his official departure or the transition will be finalized by late May, correcting the previous days' overreaction. April 21, 2026 - April 22, 2026, the 'May 31' option price plunged from 80.5c to 57.5c. This occurred as the market realized Powell might serve as 'Chair Pro Tempore' after his term expires on May 15 until a successor is confirmed by the Senate, potentially pushing his actual departure past May 31. April 19, 2026 - April 21, 2026, the 'May 31' option price climbed from 67.5c to 80.5c. The market continued to digest the fact of Powell's term expiration in May, correcting the severe undervaluation. April 19, 2026 - April 20, 2026, the 'May 31' option price surged from 67.5c to 77.5c. The market further digested the fact that Powell's term expires in May and began to correct the previous severe undervaluation. April 17, 2026 - April 19, 2026, the 'June 30' option price surged from 79.5c to 91c. This was driven by market participants waking up to the statutory fact that Powell's term expires on May 15, actively correcting the previous severe mispricing. April 17, 2026 - April 18, 2026, the 'May 31' option price dropped from 74.5c to 67c, and the 'June 30' option price rose from 79.5c to 89c; neither moved >10c. These are normal random fluctuations under low liquidity without substantive news drivers. April 16, 2026 - April 17, 2026, the 'May 14' option price slightly rose from 1.95c to 2.5c, representing normal random tweaks under ultra-low liquidity without substantive news drivers. April 15, 2026 - April 16, 2026, the 'May 14' option price slightly dropped from 2.15c to 1.95c, representing normal random tweaks under ultra-low liquidity without substantive news drivers. April 14, 2026 - April 15, 2026, the 'May 14' option price slightly fell from 2.4c to 2.15c, representing normal random tweaks under ultra-low liquidity without substantive news drivers. April 13, 2026 - April 14, 2026, the 'May 14' option price slightly rose from 2.15c to 2.4c, representing normal random tweaks under ultra-low liquidity without substantive news drivers. April 12, 2026 - April 13, 2026, the 'May 14' option price slightly rose from 1.95c to 2.15c, representing normal random tweaks under ultra-low liquidity without substantive news drivers.