Why Are Myriad Users Betting on the Color of Fed Chair Powell's Tie Today?

Prediction markets are putting money on the Fed chair’s favorite hue, a subtle signal that the central bank wants to stay above the partisan fray.

A peculiar but revealing market is getting serious traction on Myriad: Will Fed Chair Jerome Powell wear a purple tie during the September FOMC press conference?

As of now, the crowd overwhelmingly believes yes. But it's not just about fashion—this prediction market taps into deeper symbolism around the Fed’s public identity.

According to a recent report by Columbia Business School, Powell’s choice of a purple tie is no accident. Brett House, economist and professor at Columbia, noted that Powell’s consistent use of purple is a part of reinforcing the Federal Reserve’s image as non-political in an era of heightened polarization. 

Here’s what’s known:

When asked, Powell said purple was once just a personal preference. But over time, he began to see its utility: “Maybe not red. Maybe not blue. So I wind up wearing purple.” He saw purple as a neutral ground, signaling a lack of alignment with either side of the political spectrum. And lately, it’s become something of a signature. 

(Disclaimer: Myriad is a product of DASTAN, Decrypt's parent company.)

He explicitly frames this aesthetic (tie color) as helping project the message that the Fed is strictly non-political—not embracing party red or blue, but purple in between. 

So when people are putting money on “Powell wears purple,” they aren’t just betting on wardrobe chance—they’re betting on consistency, signaling, and public messaging.

Here’s what the market looks like:

Because of Powell’s established pattern and public statements, the “Yes” side seems to carry weight beyond random guesswork.

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