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Two new papers have been published this month that deployed the artificial intelligence chatbot ChatGPT in market-relevant tasks – one in deciphering whether Federal Reserve statements were hawkish or dovish, and one in determining 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, and suggest that the hype of the past few months is justified. The robot was even able to explain its classifications of Fed policy statements in a way that resembled the central bank’s own analyst.
