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ChatGPT, a chatbot developed by OpenAI, has been applied to two market-relevant tasks in finance: deciphering whether Federal Reserve statements were hawkish or dovish, and determining whether headlines were good or bad for a stock. The technology was able to outperform commonly used models and even explain its classifications in a way that resembled the central bank’s own analyst. This suggests a major step forward in the use of technology to turn reams of text from news articles to tweets and speeches into trading signals.
