Kevin Warsh is set to hold his inaugural press conference as Federal Reserve Chair later today, and investors are bracing for significant rhetorical surprises.

Some traders have already placed bets on related topics via the prediction market platform Polymarket. Based on the implied probabilities from current event contract prices, here are the odds traders are placing on various phrases Warsh might use:

The word "inflation" is mentioned at least 40 times: 45% probability.

Mentions Jerome Powell: 68% probability.

Mentions Trump: 20% probability.

Mentions artificial intelligence (AI): 67% probability.

Mentions the balance sheet: 76% probability.

Says "I don't know": 22% probability.

Opens with "Good afternoon": 77% probability.

Mentions cryptocurrency/Bitcoin: 14% probability.