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Two new papers have been published this month that deployed the artificial intelligence chatbot ChatGPT in market-relevant tasks. The papers showed that ChatGPT was able to decipher whether Federal Reserve statements were hawkish or dovish, and determine whether headlines were good or bad for a stock. The findings point to the technology developed by OpenAI reaching a new level in terms of parsing nuance and context. ChatGPT was even able to explain its classifications of Fed policy statements in a way that resembled the central bank’s own analyst.
