Short Answer

Both the model and the market expect the average number of measles cases during Trump's term (2025-2028) to be at least 5000, with no compelling evidence of mispricing.

1. Executive Verdict

  • Trump's "personal freedom" stance may reduce vaccine uptake.
  • Potential federal defunding of public health agencies disrupts response.
  • FY2026 CDC immunization funding falls short of public health needs.
  • Permissive exemption policies quickly drop MMR vaccination rates.
  • High-mandate states are expected to uphold existing MMR requirements.

Who Wins and Why

Outcome Market Model Why
At least 1000 98% 1% Current vaccination rates and public health measures make significant outbreaks plausible.
At least 5000 56% 53.5% Widespread vaccine hesitancy could lead to multiple large-scale measles outbreaks.
At least 2000 92% 1% Sustained localized outbreaks and travel could drive average case numbers above 2000.

Current Context

Measles outbreaks are increasing amid concerns over future vaccine policy shifts. The United States is currently experiencing significant measles activity, driving discussions about a potential future Trump administration's impact on public health and vaccine policies. South Carolina is dealing with its largest outbreak since 2000, reporting 876 cases as of February 3, 2026, predominantly in Spartanburg County. Nationwide, 2026 has begun with 588 confirmed cases across 17 states as of January 30, with California also seeing elevated activity, including 9 confirmed cases as of February 3, 2026, and recent cases in Los Angeles and Orange Counties. Alarmingly, two detainees at the main immigrant family detention center in Dilley, Texas, tested positive for measles as of February 3, 2026, raising concerns about spread in crowded conditions. Experts are critically examining the potential effects of a future Trump administration, particularly the reported appointment of Robert F. Kennedy Jr. as HHS Secretary and Kirk Milhoan as ACIP chair. Discussions suggest potential changes to the CDC's vaccine schedule, reportedly reducing recommended diseases for routine vaccination from 17 to 11, and Milhoan's stance emphasizing individual autonomy over collective public health, which is a significant departure from established practices. A virologist, Angela Rasmussen, has directly linked the hypothetical Trump administration's views on vaccines to the rising measles outbreak in South Carolina.
Declining vaccination rates and policy shifts fuel expert concerns. Key data points highlight a worrying trend of increasing measles cases and decreasing vaccination rates, which experts identify as primary drivers of current outbreaks. The U.S. recorded 2,267 confirmed cases in 2025, with 2026 already showing significant numbers. For historical context, Donald Trump's previous term included a substantial 2019 measles outbreak with 1,282 cases, the highest in 27 years. Vaccination rates are a major concern, with the average annual rate for first-time measles vaccination in children by 23 months decreasing from 92.4% in 2020 to 84.9% in 2024. Expert opinions vary widely on the proposed policy shifts; while Angela Rasmussen emphasizes the MMR vaccine as the only prevention, Kirk Milhoan, as ACIP Chair, intends to reevaluate all vaccine recommendations, prioritizing individual autonomy and suggesting observing outcomes in unvaccinated individuals. This stance is critiqued by Jason Schwartz of Yale as a "false dichotomy" and by Elizabeth Jacobs as "so dangerous as to approach criminality," fearing an "experiment on the people of the United States". Public health officials like Dr. Muntu Davis and Dr. Parveen Kaur reiterate the MMR vaccine's effectiveness. Concerns also extend to the effectiveness of public health responses in vulnerable populations and the potential loss of the U.S.'s measles elimination status from the WHO due to declining immunity.
Ongoing monitoring and policy changes anticipate significant health impacts. Looking ahead, several ongoing developments and potential policy changes will shape the measles landscape and public health response. The South Carolina Department of Public Health provides twice-weekly updates on its outbreak. Significant additional changes to the childhood immunization schedule are anticipated this year as the ACIP "reevaluates all of the vaccine products" under new leadership. These changes by a hypothetical Trump administration could have implications for insurance coverage, although health plans have indicated they will continue to cover currently recommended immunizations through the end of 2026. A primary concern revolves around the impact of reduced vaccination rates and vaccine-skeptical messaging, which could further exacerbate current outbreaks and lead to more severe public health crises. The debate continues regarding the balance between individual choice and collective public health, with worries that an emphasis on individual autonomy might undermine community immunity, affecting vaccine access and affordability for millions.

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
This prediction market has demonstrated a highly stable and consistent price trend, consolidating within a very narrow band between $0.93 and $0.99. The price action has been predominantly sideways since its inception, starting at $0.93 and currently trading at $0.95. This indicates that from the outset, the market has assigned an extremely high probability to a YES resolution. While there have been minor fluctuations within this range, such as a brief test of the $0.98 level, the overall chart shows a strong consensus has been maintained without any significant or sustained directional moves.
The market's persistent high valuation is strongly supported by the provided context. The news of significant and growing measles outbreaks in early 2026, including 876 cases in South Carolina and 588 cases nationwide, serves as a fundamental validation for the market's high probability assessment. Price fluctuations, such as the temporary move to $0.98, were likely direct reactions to these alarming reports as they broke, with traders increasing their confidence in a high case count for the 2025-2028 period. The price has remained firm as subsequent reports, like the cases in a Texas detention center, reinforce the reality of widespread transmission, solidifying the market's initial forecast.
With a total volume of 25,425 contracts traded, there is considerable conviction behind the current price. This is not an illiquid market; rather, it shows sustained participation. The price floor around $0.93 has acted as a firm support level, suggesting traders are unwilling to bet against a YES outcome. Conversely, the $0.99 level has served as a natural resistance point. Overall, the chart indicates a deeply entrenched market sentiment that is overwhelmingly confident that the average number of measles cases will be high enough to meet the contract's resolution criteria, with recent public health data consistently affirming this belief.

3. Significant Price Movements

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

πŸ“ˆ February 02, 2026: 11.0pp spike

Price increased from 46.0% to 57.0%

Outcome: At least 5000

What happened: The primary driver of the 11.0 percentage point spike in the prediction market on February 02, 2026, was the significant and widely reported surge in measles cases across the United States and the Americas, coupled with direct attribution of this public health crisis to the current or prospective Trump administration's health policies. On February 1st, The Guardian reported that the US's vaccines committee, under a Trump administration appointee, was reconsidering all vaccine recommendations amidst a "worst outbreak in three decades," indicating plummeting vaccination rates and rising cases. This was immediately followed on February 2nd by an article from "Public Health Watch" that explicitly blamed the "Trump-RFK Jr.'s Anti-Vax Agenda" for a historic measles outbreak in South Carolina, which had over 840 cases. Social media served as a contributing accelerant, amplifying these critical news reports and discussions around the public health policy implications.

πŸ“‰ January 29, 2026: 8.0pp drop

Price decreased from 45.0% to 37.0%

Outcome: At least 5000

What happened: The primary driver of the 8.0 percentage point drop in the "At least 5000" measles cases outcome on January 29, 2026, was likely the public statements made by Kirk Milhoan, head of the Advisory Committee on Immunization Practices (ACIP) to the Centers for Disease Control and Prevention (CDC). On January 27, 2026, Milhoan was reported questioning the necessity of the polio vaccine, emphasizing vaccination as a personal choice, and suggesting the risk of measles may be less severe now than in past generations, implying that current outbreaks provide "real world" data on unvaccinated individuals. These statements, from a key federal health official, appeared to LEAD the price move by two days, likely fueling a narrative on social media and news outlets that a potential Trump administration might de-emphasize robust public health tracking or adopt policies that could lead to lower reported measles case numbers, even if actual incidence remained high. This narrative, challenging established public health positions, would decrease the market's expectation of the average number of officially recorded measles cases reaching or exceeding 5000 during a future Trump term. Social media was a contributing accelerant, as controversial statements from influential public health figures rapidly disseminate and shape public perception and market sentiment.

πŸ“‰ January 24, 2026: 9.0pp drop

Price decreased from 46.0% to 37.0%

Outcome: At least 5000

What happened: Based on the available information, there is no clear primary driver from social media activity or traditional news that would explain a 9.0 percentage point drop in the prediction market price for "At least 5000" average measles cases during Trump's term on January 24, 2026. In fact, reports around that date indicate a significant increase in measles cases in the U.S., with 2025 being the worst year since 1991 and 2026 starting with a surge in confirmed cases. For instance, as of January 23, 2026, the US confirmed case count was 416, with 2026 off to an even worse start than 2025. Donald Trump's social media posts on January 6, 2026, spread confusion about childhood vaccinations and stated his administration cut recommended vaccines, which would likely increase measles concerns rather than reduce expectations. Elon Musk's social media activity during this period was unrelated to measles. The consistent news of rising measles cases and the potential loss of the U.S.'s measles-elimination status would generally drive the "At least 5000" outcome up, not down. Therefore, the observed price movement is counter-intuitive given the publicly available information.

πŸ“ˆ January 13, 2026: 11.0pp spike

Price increased from 24.0% to 35.0%

Outcome: At least 5000

What happened: The primary driver of the prediction market price spike on January 13, 2026, was the confluence of rapidly increasing measles cases and direct social media commentary from Donald Trump regarding vaccines. News reports released around this time highlighted a significant surge, with 171 confirmed measles cases in the U.S. in the first two weeks of January 2026, and cases reaching as high as 254 during the week of January 11. Concurrently, a social media post (or publicly reported statement) from Donald Trump, stating, "It's like you're shooting up a horse" in reference to childhood vaccines, appeared to coincide with the price move, as it was reported on January 15, 2026, linking his vaccine skepticism to the growing public health concern. This direct input from a key figure, whose potential term is the subject of the market, amplified by alarming official case numbers, was the primary driver of the upward movement. Social media was the primary driver.

4. Market Data

View on Kalshi β†’

Contract Snapshot

This Kalshi market asks what the average number of measles cases will be during Donald Trump's presidential term. The market is scheduled to resolve by 2025. The provided content does not specify the precise conditions that would trigger a YES or NO resolution, nor does it list any special settlement conditions.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Implied probability
At least 1000 $0.98 $0.05 98%
At least 2000 $0.92 $0.12 92%
At least 5000 $0.56 $0.50 56%

Market Discussion

Discussions surrounding the average number of measles cases during a potential future Trump term primarily revolve around concerns about rising case numbers due to declining vaccination rates and potential impacts of administration policies on public health infrastructure . Prediction markets are actively speculating on whether average annual cases between 2025 and 2028 will exceed thresholds such as 1000 or 5000, reflecting an anticipation of increased outbreaks . Arguments suggest that a future Trump administration might exacerbate existing trends of vaccine hesitancy and a weakened public health response, drawing parallels to perceived challenges during his previous term.

5. Can state vaccine mandates withstand federal policy changes and legal challenges?

California SB277 ActionEliminated personal belief exemption in 2016
Jacobson v. Massachusetts Ruling Year1905
West Virginia Legislative UpdateBill introduced Feb 2026 to eliminate school vaccine requirements
States with high mandates are poised to uphold MMR requirements. California, New York, and West Virginia are strongly positioned to maintain their strict school-entry Measles, Mumps, and Rubella (MMR) vaccine mandates. This stance is robust even against the potential for less stringent federal guidance from the Advisory Committee on Immunization Practices (ACIP). These states have already removed all non-medical exemptions, a policy consistently supported by court decisions. Their legal foundation rests on state sovereignty under the Tenth Amendment, the enduring Supreme Court precedent of Jacobson v. Massachusetts from 1905, and firmly established statutory frameworks.
States possess primary authority over public health vaccination mandates. The power to establish public health mandates, particularly those for school entry, is largely reserved to the individual states. ACIP recommendations serve purely as guidance and do not constitute legally binding federal law. States such as California, New York, and West Virginia would assert that their existing statutes were enacted to address specific local epidemiological risks and public health crises. An example is the 2014 Disneyland measles outbreak, which directly led to California's SB277. Courts consistently apply a deferential "rational basis review" to public health laws, a standard these mandates are highly likely to satisfy, rendering successful legal challenges improbable.
Sustained high vaccination rates are essential for public health. The continued strength of these state mandates is directly linked to measles incidence, with any reduction in stringency inevitably correlating with a significant rise in cases. Epidemiological models indicate that a 95% vaccination rate is critical for robust community protection against measles. Should these states be required to reintroduce non-medical exemptions, vaccination rates would likely fall below this crucial threshold, creating conditions conducive to large-scale outbreaks. The successful defense of West Virginia's centralized medical exemption process against legal challenges serves as an effective model for how states can preserve policy integrity through strong administrative design and legal defense.

6. How Does CDC Immunization Funding Impact Public Health Preparedness?

Proposed FY2026 Section 317 Funding$681.933 million (Senate Appropriations Committee)
Expert Recommended FY2026 Section 317 Need$1.13 billion (317 Coalition)
CDC Estimated FY2026 Section 317 NeedOver $1.6 billion (CDC)
FY2026 Section 317 funding falls short of public health needs. The Senate Appropriations Committee has proposed $681.933 million for the CDC's Section 317 Immunization Program for Fiscal Year 2026, maintaining a nominal level of funding. This allocation significantly undershoots the estimated requirements, with the 317 Coalition assessing a minimum of $1.13 billion needed for adequate national immunization infrastructure support, and the CDC's own internal estimate exceeding $1.6 billion for full funding. While the President's initial budget concept proposed substantial reductions for the CDC, Congress ultimately countered this, securing approximately $9.2 billion for the agency, which effectively represents flat funding overall.
Inflation erodes Section 317's real purchasing power. Despite the nominal "level funding" for Section 317, an inflation-adjusted analysis reveals a significant reduction in real purchasing power. The FY2024 funding, when adjusted for an estimated cumulative inflation of 6.5% by FY2026, held a purchasing power equivalent to approximately $726.2 million in FY2026 dollars. Consequently, the proposed $681.933 million for FY2026 represents a real-dollar cut of about $44.4 million in purchasing power compared to FY2024. This decrease in real funding directly impairs the operational capacity of state and local health departments, which are essential for critical functions like vaccine distribution, administration, surveillance, and public outreach. The Vaccines for Children (VFC) program, while continuing to fund vaccine procurement as an entitlement, relies heavily on the diminishing infrastructure supported by Section 317 for its effectiveness.
Underinvestment threatens public health and outbreak preparedness. The consistent underinvestment in Section 317 funding creates substantial vulnerabilities for public health, particularly concerning the prevention of vaccine-preventable diseases such as measles. Direct consequences of these funding shortfalls include weakened outbreak response capabilities, the erosion of surveillance systems, and an impaired ability to effectively counter misinformation. This trajectory, compounded by proposed cuts to the broader Public Health Emergency Preparedness (PHEP) program, increases the likelihood of larger, more frequent, and more difficult-to-control outbreaks of highly contagious diseases between 2025 and 2028. Addressing these challenges necessitates strategic changes, such as implementing multi-year appropriations or establishing mandatory funding for immunization infrastructure.

7. How Did Measles R0 Dynamics Affect South Carolina's 2025-2026 Outbreaks?

Observed Measles R0 in SC Outbreak14–18
South Carolina Statewide MMR Coverage82% (2025)
Required Measles Vaccination Coverage>95%
The 2025-2026 measles outbreaks in South Carolina showed R0 values like past epidemics. These localized outbreaks exhibited a basic reproduction number (R0) ranging from 14 to 18, which mirrors the intrinsic transmissibility of the measles virus observed in pre-elimination eras . This high R0 was particularly evident in communities where vaccination coverage had significantly declined, allowing the virus to spread as it would in a completely susceptible population. By 2025, South Carolina’s statewide MMR vaccination coverage had fallen to 82%, significantly below the 95% threshold required to establish population-level herd immunity .
Declining vaccination rates created susceptible pockets, fueling the outbreak's spread. The degradation of herd immunity was clearly indicated by key metrics, such as the kindergarten two-dose MMR rates in South Carolina, which decreased from 95% in the 2019–20 school year to 91% in 2024–25 . In Spartanburg County, the epicenter of the outbreak, school-level vaccination coverage was approximately 90%, a situation exacerbated by a tripling of religious exemptions by the 2025-2026 school year . This clustering of unvaccinated individuals created sufficiently large susceptible pockets to sustain the outbreak, leading to 876 confirmed measles cases across South Carolina by February 3, 2026.

8. Are Private Insurers Mandating MMR Vaccination Amidst Resurging Measles?

MMR Vaccine CoverageComprehensive with $0 cost-sharing until end of 2026
States Below 90% MMR Rate16 states (2024-2025 academic year)
Estimated Cost Per Measles Case$43,000 (2025 data)
Major private health insurers and hospitals maintain MMR coverage without new mandates. As of early 2026, leading private health insurance providers including UnitedHealth Group, Aetna, Anthem, Cigna, and Humana, continue to offer comprehensive, no-cost-sharing coverage for the Measles, Mumps, and Rubella (MMR) vaccine. This policy extends through the end of 2026, driven by Affordable Care Act mandates and the insurers' own public commitments. However, these insurers have not implemented new mandates requiring vaccination as a condition of eligibility, nor have they tied premiums to vaccination compliance. Similarly, while pediatric hospital systems adhere to the American Academy of Pediatrics immunization schedule, they do not impose direct financial penalties for declining vaccination. Some individual practices may impact access to care, potentially refusing unvaccinated families, though this practice faces challenges from state-level legislation in jurisdictions such as Texas.
Falling MMR vaccination rates are causing significant measles resurgence. Despite widespread financial access to the vaccine, MMR vaccination rates are declining, with 16 states reporting coverage below the 90% herd immunity threshold during the 2024-2025 academic year. This decline has directly contributed to a substantial resurgence of measles, evidenced by nearly 50 outbreaks and over 1,800 cases recorded in 2025 alone. The economic burden associated with these outbreaks is considerable, with the average cost per measles case estimated at approximately $43,000. Projections indicate that if 2025 trends persist through 2028, the direct economic impact could reach $309.6 million, underscoring a critical gap between vaccine coverage availability and public health uptake.
Private healthcare cannot enforce vaccination standards without government action. The analysis concludes that the private healthcare sector is not currently positioned to enforce vaccination standards in the absence of strong government-led public health policy. Insurers primarily function as passive payers for a covered benefit, rather than active enforcers of public health protocols. Hospitals and clinicians are bound by professional ethics and, increasingly, by state laws that restrict their ability to refuse care to unvaccinated individuals. Consequently, the primary responsibility for preventing a continued resurgence of measles will fall squarely on public health agencies and state legislatures.

9. What is the Lag Time for MMR Declines After Exemption Changes?

Estimated Lag Time for Decline4 to 8 academic semesters (2 to 4 years)
MMR Rate Decline (Religious & Philosophical Exemptions)3.8 percentage points (from 93.3% to 89.5%)
National Kindergarten MMR Coverage (2024-2025)92.5% (down from 95.2% pre-pandemic)
Permissive exemption policies can quickly drop MMR vaccination rates. Analysis indicates that if a state's MMR vaccination coverage is at or above the 95% herd immunity threshold, it could fall below this critical level within 4 to 8 academic semesters (2 to 4 years) following the implementation of more permissive non-medical exemption (NME) laws. This decline aligns with a broader national context where kindergarten MMR coverage has fallen from 95.2% pre-pandemic to 92.5% in the 2024-2025 school year, pushing the national average below herd immunity. This trend is further exacerbated by a rise in vaccine exemptions, which reached 3.6% nationally in 2024-2025.
Exemption policy type critically influences measles-mumps-rubella vaccination rates. States that have repealed all NMEs have demonstrated an ability to increase MMR vaccination rates by up to 4.0 percentage points within three years. Conversely, states allowing both religious and philosophical exemptions show the lowest average rates, experiencing a 3.8 percentage point decline from 93.3% to 89.5%. States permitting only religious exemptions also see declines, with rates falling by 2.3 percentage points from 94.4% to 92.1%. These findings consistently highlight how permissive policies correlate with lower vaccination coverage.
Current factors could accelerate future vaccination rate declines significantly. The present environment, marked by increased vaccine hesitancy and misinformation, suggests that historical lag times for declining vaccination rates may be conservative. Any future policy changes between 2025–2028 that weaken vaccine mandates could lead to accelerated declines compared to pre-2020 precedents. Crucial determinants of how quickly rates might fall include baseline vaccination rates, the specific type of policy change, and the post-COVID information landscape. Monitoring the rate of increase in exemption filings could serve as a leading indicator for proactive public health interventions.

10. What Could Change the Odds

Key Catalysts

The prediction market for measles cases during Trump's second term could be driven higher by several factors. The administration's emphasis on "personal freedom" regarding vaccination may lead to a reduction in routinely recommended vaccines and foster an environment against vaccine mandates, potentially decreasing uptake. Executive orders early in the term also indicated a shift in US public health policy, including potential defunding of federal agencies like the CDC and NIH, and a possible withdrawal from the WHO, which could significantly disrupt disease surveillance, research, and outbreak response. These federal actions compound an existing trend of declining US vaccination rates for MMR and an increase in exemptions, with more states relaxing childhood vaccine requirements. Such conditions could fuel persistent measles outbreaks, which are often imported through international travel among unvaccinated populations. Conversely, a reduction in measles cases could be influenced by increased public awareness stemming from significant ongoing outbreaks, which may encourage higher vaccination rates at local and state levels, independent of federal policies. State and local health departments, along with non-governmental health organizations, could launch robust campaigns to promote measles vaccination and combat misinformation, thereby increasing vaccine uptake. Additionally, scientific advancements in vaccines or improved vaccination practices could lead to better disease control, although a significant reversal of federal public health policy prioritizing vaccination and strengthening infrastructure is considered unlikely during the current administration.

Key Dates & Catalysts

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

11. Decision-Flipping Events

  • Trigger: The prediction market for measles cases during Trump's second term could be driven higher by several factors [^] .
  • Trigger: The administration's emphasis on "personal freedom" regarding vaccination may lead to a reduction in routinely recommended vaccines and foster an environment against vaccine mandates, potentially decreasing uptake [^] .
  • Trigger: Executive orders early in the term also indicated a shift in US public health policy, including potential defunding of federal agencies like the CDC and NIH, and a possible withdrawal from the WHO, which could significantly disrupt disease surveillance, research, and outbreak response [^] .
  • Trigger: These federal actions compound an existing trend of declining US vaccination rates for MMR and an increase in exemptions, with more states relaxing childhood vaccine requirements [^] .

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)