The press secretary job has sat empty since Karoline Leavitt walked out of the Brady Room on August 27, and the market is pricing a slow refill, roughly 7% for a name by September 30 and about 18% by mid-October. That gap is the whole trade. A press secretary is a pleasure-of-the-president appointment with no Senate confirmation, so Trump can fill it in a single Truth Social post the moment he likes a candidate, which makes short-window pricing a read on his mood, not on process. Cabinet secretaries have covered the podium before, which quietly reduces the urgency that would otherwise force a fast pick.
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