Apr 28, 2023

JPMorgan Unveils AI Tool to Detect Trading Signals

JPMorgan, the investment banking giant, has recently unveiled an AI-based tool to detect potential trading signals from Federal Reserve statements and speeches.

The tool, which is based on the ChatGPT language model, will rate the statements on a scale from easy to restrictive, which the bank has dubbed the Hawk-Dove Score. The Hawk-Dove Score will allow analysts to detect any policy shifts that could provide the bank with a heads-up on trading signals.

The AI tool can be used to predict changes in central bank tightening, with a Hawkish policy statement potentially resulting in rising yields on one-year government bonds. According to the JPMorgan model, which can analyze statements going back 25 years, Fed sentiment has been fluctuating yet remains predominantly hawkish.

As of now, the Federal Reserve is expected to raise its benchmark interest rate by 25 basis points to 5.25% next week. A 10-point increase in the Hawk-Dove Score indicates a ten percent chance that there will be a rate hike at the next policy meeting and vice versa.

JPMorgan is keen on AI applications for its benefit but not so keen on letting its employees use them. In February, the company restricted its staff from using ChatGPT, according to reports.

In an annual letter to shareholders earlier this month, JPMorgan CEO Jamie Dimon revealed that the bank has over 300 AI use cases in production.

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