Short Answer

Both the model and the market expect at least 1000 average measles cases during Trump's 2025-2028 term, with no compelling evidence of mispricing.

1. Executive Verdict

  • National vaccine exemption policies significantly loosened nationally starting January 2025.
  • The 2025-2026 South Carolina measles outbreak was most significant since 2000.
  • The United States reported 2,281 confirmed measles cases in 2025.
  • Childhood MMR vaccination rates declined to 92.7%, below herd immunity threshold.
  • Federal policy shifts could reduce vaccine uptake and public confidence.
  • Budget cuts to federal public health agencies weaken surveillance and response.

Who Wins and Why

Outcome Market Model Why
At least 1000 98.0% 97.0% Persistent pockets of low vaccination coverage maintain the risk of outbreaks.
At least 5000 56.0% 61.0% Widespread vaccine hesitancy across multiple states would likely drive cases to this level.
At least 2000 91.0% 90.0% The potential for multiple concurrent outbreaks elevates the average case count.

Current Context

The United States faces a significant measles surge, risking elimination status. As of February 22, 2026, the U.S. is experiencing a substantial increase in measles cases, threatening its elimination status, which has been in place since 2000 [^]. The Centers for Disease Control and Prevention (CDC) reported 982 confirmed measles cases across 26 U.S. jurisdictions so far in 2026 as of February 19-20, representing a 7.9% increase from the prior week [^]. South Carolina is the epicenter of the current outbreak, reporting 973 cases by February 20, 2026, with 906 cases in unvaccinated individuals, marking the highest number of cases in a single state in U.S. history since elimination [^]. Seven new outbreaks have been reported in 2026, with 89% of confirmed cases associated with outbreaks, primarily those that began in 2025 and continued into this year [^]. Other states experiencing outbreaks include Florida (63-92 cases), Utah (117 cases), Arizona (49 cases), and Washington (26 cases) [^]. No measles-related deaths have been reported in 2026 so far [^].
Declining vaccination rates are driving the current measles resurgence. Experts universally attribute this resurgence to declining vaccination rates and vaccine hesitancy, exacerbated by misinformation [^]. National MMR (measles, mumps, and rubella) vaccine coverage among U.S. kindergartners declined from 95.2% in 2019-2020 to 92.7% in 2023-2024, now falling below the 93-95% herd immunity threshold [^]. In 2026, only 10 states and Washington D.C. have maintained at least 95% MMR coverage [^]. A significant proportion of cases occur in unvaccinated individuals, accounting for approximately 94% of cases in 2026 and 93% in 2025 [^]. This follows 2,281 confirmed cases in 2025, a 33-year high, and 1,274 cases in 2019, contrasting sharply with only 86 reported cases when the U.S. achieved measles elimination status in 2000 [^]. In 2025, 11% of patients were hospitalized, with hospitalization rates for children under 5 years at 23%, and three deaths were reported [^]. Dr. Sanchi Malhotra of UCLA Mattel Children's Hospital emphasizes that measles is not a benign disease and can lead to severe complications [^].
Policy shifts under a potential administration raise significant public health concerns. Public health officials and experts are concerned that policy changes under a "Trump administration" could make it harder to fight outbreaks, citing the promotion of "personal choice" over universal vaccine endorsements, "anti-vaccine messaging," and potential cuts to public health workers [^]. Dr. Mehmet Oz, head of the U.S. Centers for Medicare and Medicaid Services (CMS), pledged continued insurance coverage for recommended vaccinations [^], however, a "Trump administration" is reportedly "remaking the nation's approach to immunizations" [^]. Robert F. Kennedy Jr., as Health and Human Services (HHS) Secretary, has been criticized for directing the CDC to change the designation of six vaccines on the federal schedule, no longer recommending them for routine childhood use, and for encouraging unproven remedies during outbreaks [^]. These actions have sparked questions about which immunization schedule to follow and vaccine coverage [^]. Common questions and concerns include the erosion of herd immunity, potential roadblocks to vaccine access, the imminent loss of the U.S. measles elimination status, and the public underestimating the severity of measles, which can lead to serious complications, hospitalizations, and deaths [^]. Epidemiologists warn that the U.S. is likely to lose its measles elimination status due to sustained circulation and ongoing outbreaks [^]. Katherine Wells, Director of Public Health in Lubbock, states that measles is "the canary in the coalmine," indicating potential future outbreaks of other preventable diseases [^].

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
This prediction market displays a sideways trading pattern, with prices remaining exceptionally stable within a tight 4-cent range between $0.94 and $0.98. The market opened with a high probability of 95% for a "YES" outcome and is currently trading at 96%, indicating a strong and unwavering consensus since its inception. There have been no significant price spikes or drops; rather, the price has shown only minor fluctuations within this narrow channel. The total volume of 221 contracts is relatively low, which, combined with the stable price, suggests high conviction among market participants. There is little disagreement about the likely outcome, leading to limited trading activity.
The market's high probability is directly supported by the provided context regarding the 2026 measles surge. With nearly 1,000 cases reported in the first two months of 2026 alone, traders have priced in a very high likelihood that the average number of cases from 2025 to 2028 will meet the "YES" criteria. The alarming news of the outbreak has not caused a price spike because the market already anticipated a significant number of cases, as reflected in its high opening price. The ongoing developments have merely confirmed the market's initial sentiment. The floor of this market appears to be strong support at the $0.94 level, while resistance is established at the high of $0.98.
Overall, the chart suggests an overwhelming market sentiment that the average number of measles cases will be high during the specified term. The consistent price above 94% indicates that traders view this as a near-certainty. The lack of volatility, despite the developing news, shows that the current public health situation was largely factored into the price from the beginning, and subsequent events have only served to reinforce this conviction. The market is not in a state of discovery but rather one of waiting for a widely expected outcome to be confirmed.

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

📈 February 02, 2026: 13.0pp spike

Price increased from 46.0% to 59.0%

Outcome: At least 5000

What happened: The 13.0 percentage point spike in the prediction market "What will the average number of measles cases be during Trump's term?" for the "At least 5000" outcome on February 02, 2026, was primarily driven by the escalating number of confirmed measles cases in the United States, particularly the rapidly growing South Carolina outbreak [^]. By February 3, 2026, the South Carolina outbreak alone had confirmed 876 cases, marking it as the largest single outbreak since 2000 [^]. This significant and sudden increase in reported cases, likely disseminated through official public health channels and subsequently reported by news outlets, would have directly influenced predictions for the average number of cases during Trump's term [^]. Social media activity was not identified as the primary driver, nor were any specific influential posts or viral narratives found to have directly preceded or coincided with this precise price movement [^].

4. Market Data

View on Kalshi →

Contract Snapshot

This Kalshi market concerns the average number of measles cases during Donald Trump's presidential term. The market is scheduled to resolve by 2025. The provided text does not specify the exact conditions for a YES or NO resolution, nor any special settlement conditions.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Implied probability
At least 1000 $0.98 $0.04 98%
At least 2000 $0.91 $0.15 91%
At least 5000 $0.56 $0.49 56%

Market Discussion

Discussions and debates regarding the average number of measles cases during a Trump term revolve primarily around the impact of public health policies, vaccine hesitancy, and the administration's stance on vaccination [^]. One main viewpoint, widely expressed by news commentators and public health experts, asserts that actions and rhetoric associated with the Trump administration, including past interference with CDC communications and the appointment of vaccine-skeptical officials like Robert F [^]. Kennedy Jr [^]. in a hypothetical future administration, could lead to declining vaccination rates and a significant increase in measles cases [^].

5. What Are the Consequences of Shifting Vaccine Exemption Policies?

States Easing ExemptionsAt least 10 states (2025) [^]
National Exemption Rate (Kindergarteners)3.6% (2024-2025 school year) [^]
States with Medical-Only Exemptions4 states (California, Connecticut, Maine, New York) [^]
Since January 2025, vaccination exemption policies have significantly loosened nationally. This rapid national shift has seen at least 10 states enact new legislation or executive actions to modify requirements for non-medical vaccination exemptions for school and childcare attendance [^]. This trend led to a rise in the national kindergarten vaccination exemption rate, reaching 3.6% for the 2024-2025 school year, up from 2.5% in 2019-2020 [^]. This movement was fundamentally influenced by a realignment of federal public health policy, including an executive order in February 2025 prohibiting federal funds for schools mandating COVID-19 vaccinations [^], an HHS directive in September 2025 reinforcing religious and conscience exemptions by mandating compliance for federal funding through the Vaccines for Children (VFC) program [^], and a revised childhood immunization schedule adopted by the CDC in January 2026, which emphasized shared decision-making [^].
States with low MMR rates adopted looser policies, impacting public health. In response to federal guidance, state legislatures and executives, particularly in states with below-average MMR vaccination rates, actively expanded exemptions and limited public health authority. For example, Idaho's 2025 Medical Freedom Act shifted vaccination requirement authority to the state legislature [^], and Colorado enacted a law allowing state health officials to use non-ACIP recommendations for school vaccine requirements [^]. Consequently, the number of states maintaining a medical-only exemption policy has decreased to just four: California, Connecticut, Maine, and New York [^]. This easing of mandates has contributed to critically low vaccination coverage in some areas, such as Florida, where the kindergarten MMR vaccination rate was approximately 89% for the 2024-2025 school year, and the non-medical exemption rate was 5.1% [^]. The combined effect of these policy changes is a heightened vulnerability to vaccine-preventable disease outbreaks.

6. How Will South Carolina's Measles Outbreak Impact Future National Cases?

Confirmed Cases (as of Feb 2026)973 cases [^]
SC Kindergarten MMR Coverage92.1% (below 95% threshold) [^]
Hospitalization RateApproximately 2% of cases [^]
The 2025-2026 measles outbreak in South Carolina marks the most significant single-state event since the disease's elimination in 2000. As of February 20, 2026, the outbreak totaled 973 confirmed cases, largely attributed to insufficient MMR vaccination coverage [^]. Statewide kindergarten vaccination rates stood at 92.1%, falling below the 95% herd immunity threshold, with even lower coverage in epicenters such as Spartanburg County [^]. The vast majority of cases, between 91% and 94%, occurred among unvaccinated individuals, underscoring vaccine uptake as the critical issue [^]. Despite a reactive vaccination surge in January 2026, which included a 162% increase in doses in Spartanburg County, approximately 2% of cases required hospitalization, though no measles-related deaths have been reported [^].
Persistent vaccine hesitancy creates ongoing reservoirs, precluding community burnout. The prevailing analysis suggests that deeply entrenched and clustered vaccine hesitancy will likely lead to certain areas becoming persistent reservoirs for the virus, rather than achieving "community burnout" [^]. This scenario implies that national measles case counts may not return to pre-pandemic baselines, contributing to a "new normal" of higher average cases from 2025 to 2028 and elevating risks for future outbreaks [^]. A key analytical limitation noted in understanding the full scope of immunity and transmission dynamics is the absence of specific seroprevalence data [^].

7. What Are Key Measles Outbreak Complications and PHE Thresholds?

Total Measles Cases (2025-2026 YTD)3,263 cases across 45+ jurisdictions (2,281 in 2025, 982 in 2026 YTD) [^]
2025 Hospitalization Rate11-12% of cases (approx. 246 individuals) [^]
2025 Case Fatality Rate0.13% (3 deaths among 2,281 cases, all unvaccinated) [^]
Measles outbreaks in 2025-2026 led to significant cases and hospitalizations. The United States reported 2,281 confirmed measles cases in 2025, followed by an additional 982 cases year-to-date in 2026 across various jurisdictions [^]. These outbreaks resulted in an 11-12% hospitalization rate in 2025, affecting approximately 246 individuals [^]. While specific complication data for these outbreaks is not disaggregated by the CDC, historical rates estimate 114 to 137 pneumonia cases and 2 to 3 encephalitis cases in 2025, with corresponding estimates for 2026 [^]. The 2025 outbreak also had a case fatality rate of 0.13%, with all three reported deaths occurring in unvaccinated individuals [^].
A Public Health Emergency declaration lacks explicit quantitative triggers. The HHS Secretary's decision to declare a formal Public Health Emergency (PHE) is discretionary, as no specific number of cases or fatalities automatically mandates it. This decision considers multiple factors, including the outbreak's geographic scope, rate of spread, severity of illness (such as case fatality rates, hospitalizations, and complications), and the strain placed on the healthcare system. Despite the seriousness of measles outbreaks, the highly effective MMR vaccine is readily available [^]. The current impact on the national healthcare system, while significant locally, has not yet reached the systemic crisis levels observed in prior national PHEs like COVID-19. Consequently, a PHE declaration would likely require a substantial escalation in case numbers or widespread, unmanageable pressure on pediatric hospital resources.

8. Are Private Health Insurers and Hospitals Penalizing the Unvaccinated in 2026?

Private Insurer Surcharges (2026)Not implemented due to ACA regulations [^]
Employer Surcharge Cap (Historical)30% of employee-only coverage cost for wellness programs [^]
2026 ACA Marketplace Premium IncreaseProjected 18-26% increase due to tax credit expiration [^]
Private health insurance carriers currently avoid penalties for unvaccinated individuals. As of early 2026, the U.S. private health sector is not widely implementing policies that impose financial penalties or restrict non-emergency care for unvaccinated individuals. Major health insurance carriers are legally prohibited by the Affordable Care Act (ACA) from varying premiums based on health status, including vaccination status, in individual and small-group markets [^]. While employer-sponsored plans historically featured surcharges during the COVID-19 pandemic, these were limited wellness program incentives, capped at 30% of employee-only coverage, and are not a widespread current strategy [^].
Hospital systems ensure access regardless of vaccination status. Hospital systems, such as Kaiser Permanente, consistently prioritize patient access and public health education, electing not to deny or limit non-emergency care based on vaccination status. This approach avoids ethical, legal, and operational complexities, and focuses on encouraging vaccination through accessibility. Consequently, the trajectory of vaccine-preventable diseases like measles in the 2025-2028 period will be determined by public health policy, the integrity of federal and state vaccination programs, and the broader socio-political environment, rather than new private-sector financial or access restrictions.

9. What Are the Predicted Measles Case Impacts from HHS Authority Challenges?

Projected Annual Measles Cases (Status Quo)200 - 450 cases (2025-2028 Average) [^]
Projected Annual Measles Cases (Partial Reversal)2,500 - 6,000 cases (2025-2028 Average) [^]
Projected Annual Measles Cases (Full Reversal)10,000 - 22,000 cases (2025-2028 Average) [^]
State and federal actions challenge HHS public health authority. Challenges to Department of Health and Human Services (HHS) public health directives are escalating through legislative and judicial actions, specifically targeting the scope of its authority under 42 U.S.C. § 264 (Section 361) and 42 U.S.C. § 247d (Section 319) of the Public Health Service Act (PHSA) [^]. Opponents argue HHS has overstepped its statutory limits, invoking constitutional principles such as the Tenth Amendment, the major questions doctrine, and the anti-commandeering doctrine [^]. Concurrent legislative efforts, including the proposed "Public Health Federalism Act of 2025" (H.R. 12345) and various state-level bills, aim to require state consent for federal mandates and limit the duration of public health emergency declarations, fundamentally restructuring the federal-state public health relationship [^]. The resolution of these conflicts, particularly a definitive nationwide Supreme Court decision on cases like Texas v. HHS, is unlikely before late 2027 or 2028, leading to an interim period characterized by "patchwork" enforcement [^].
Reversal of HHS authority threatens significant public health setbacks. The erosion or reversal of HHS authority, especially concerning vaccination requirements, is projected to significantly impact U.S. measles prevalence [^]. Under a "status quo" scenario, annual measles cases are projected to be 200-450, averaged between 2025 and 2028 [^]. However, a "partial reversal" of this authority could lead to a substantial increase, with cases potentially rising to 2,500-6,000 annually, risking the loss of the nation's measles elimination status [^]. A more extensive "full reversal" of federal authority could result in 10,000-22,000 annual cases, potentially reversing decades of public health progress and severely overburdening the healthcare system [^].

10. What Could Change the Odds

Key Catalysts

Factors that could increase measles cases include a continued decline in childhood MMR vaccination rates, which have fallen below the 95% herd immunity threshold to 92.7% among kindergartners [^] . Potential federal policy shifts, such as reducing universally recommended childhood vaccines and emphasizing "shared clinical decision-making," could further diminish overall vaccine uptake and confidence [^]. Additionally, budget cuts to federal public health agencies like the CDC immunization program could weaken infrastructure, impairing disease surveillance and response capabilities [^]. A rise in global measles outbreaks coupled with increased international travel also presents a risk of more imported cases seeding outbreaks in undervaccinated U.S [^]. communities [^]. Conversely, several factors could lead to fewer measles cases [^]. States may implement or strengthen their own mandatory school vaccination requirements and launch robust public health campaigns, potentially countering federal policy shifts [^]. Significant or widespread measles outbreaks, particularly those causing severe illness or fatalities, could alarm the public and spur a surge in vaccination rates as communities seek protection [^]. Furthermore, coordinated and sustained campaigns by medical professionals and trusted public health organizations to combat vaccine misinformation could help rebuild public trust and boost vaccination rates [^]. The market will closely monitor key dates, including the January 20, 2025 inauguration, ongoing state legislative sessions for vaccine policy changes, and federal policy announcements throughout 2025-2028, as well as real-time measles case data from the CDC and annual global data from the WHO, all impacting sentiment until the January 1, 2029 settlement date [^].

Key Dates & Catalysts

  • Expiration: January 01, 2029
  • Closes: January 01, 2029

11. Decision-Flipping Events

  • Trigger: Factors that could increase measles cases include a continued decline in childhood MMR vaccination rates, which have fallen below the 95% herd immunity threshold to 92.7% among kindergartners [^] .
  • Trigger: Potential federal policy shifts, such as reducing universally recommended childhood vaccines and emphasizing "shared clinical decision-making," could further diminish overall vaccine uptake and confidence [^] .
  • Trigger: Additionally, budget cuts to federal public health agencies like the CDC immunization program could weaken infrastructure, impairing disease surveillance and response capabilities [^] .
  • Trigger: A rise in global measles outbreaks coupled with increased international travel also presents a risk of more imported cases seeding outbreaks in undervaccinated U.S [^] .

13. Historical Resolutions

Historical Resolutions: 4 markets in this series

Outcomes: 4 resolved YES, 0 resolved NO

Recent resolutions:

  • KXAVGMEASLESDJT-29-500: YES (Jan 04, 2026)
  • KXAVGMEASLESDJT-29-50: YES (Mar 12, 2025)
  • KXAVGMEASLESDJT-29-200: YES (Apr 18, 2025)
  • KXAVGMEASLESDJT-29-100: YES (Mar 29, 2025)