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HFEPX · Eval paper review

Mind the Shift: Decoding Monetary Policy Stance from FOMC Statements with Large Language Models

Yixuan Tang, Yi Yang

Published

Mar 15, 2026

Citations

0

Trust level

Moderate

Usefulness score

37/100 (Low)

Extraction confidence

50% (Moderate)

Derived from extracted protocol signals and abstract evidence.

Rater population

Not reported

Signals refreshed

Mar 15, 2026

Should you rely on this paper?

This paper is adjacent to HFEPX scope and is best used for background context, not as a primary protocol reference.

Use this for comparison and orientation, not as your only source.

Best use

Background context only

Use if you need

A secondary eval reference to pair with stronger protocol papers.

What to verify

Validate the evaluation procedure and quality controls in the full paper before operational use.

Main weakness

No major weakness surfaced.

Human feedback signal
Not explicit
Not explicit in abstract metadata
Evaluation signal
Detected
Eval setup described
Usefulness for eval research
37/100
Adjacent candidate

Treat as adjacent context, not a core eval-method reference.

Abstract

Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets. A central task is therefore to measure the hawkish--dovish stance conveyed in these texts. Existing approaches typically treat stance detection as a standard classification problem, labeling each statement in isolation. However, the interpretation of monetary-policy communication is inherently relative: market reactions depend not only on the tone of a statement, but also on how that tone shifts across meetings. We introduce Delta-Consistent Scoring (DCS), an annotation-free framework that maps frozen large language model (LLM) representations to continuous stance scores by jointly modeling absolute stance and relative inter-meeting shifts. Rather than relying on manual hawkish--dovish labels, DCS uses consecutive meetings as a source of self-supervision. It learns an absolute stance score for each statement and a relative shift score between consecutive statements. A delta-consistency objective encourages changes in absolute scores to align with the relative shifts. This allows DCS to recover a temporally coherent stance trajectory without manual labels. Across four LLM backbones, DCS consistently outperforms supervised probes and LLM-as-judge baselines, achieving up to 71.1% accuracy on sentence-level hawkish--dovish classification. The resulting meeting-level scores are also economically meaningful: they correlate strongly with inflation indicators and are significantly associated with Treasury yield movements. Overall, the results suggest that LLM representations encode monetary-policy signals that can be recovered through relative temporal structure.

What we could verify

These are the protocol signals we could actually recover from the available paper metadata. Use them to decide whether this paper is worth deeper reading.

Human Feedback Types

missing

None explicit

No explicit feedback protocol extracted.

"Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets."

Evaluation Modes

strong

Llm As Judge, Automatic Metrics

Includes extracted eval setup.

"Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets."

Quality Controls

missing

Not reported

No explicit QC controls found.

"Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets."

Benchmarks / Datasets

missing

Not extracted

No benchmark anchors detected.

"Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets."

Reported Metrics

strong

Accuracy

Useful for evaluation criteria comparison.

"Across four LLM backbones, DCS consistently outperforms supervised probes and LLM-as-judge baselines, achieving up to 71.1% accuracy on sentence-level hawkish--dovish classification."

Benchmarks and datasets

No benchmark or dataset names were extracted from the available abstract.

Reported metrics

accuracy
Human feedback details
Uses human feedback
No
Feedback types
None
Rater population
Not reported
Unit of annotation
Trajectory
Expertise required
General
Evaluation details
Evaluation modes
Llm As Judge, Automatic Metrics
Agentic eval
Long Horizon
Quality controls
Not reported
Evidence quality
Moderate
Use this page as
Background context only

Research brief

Metadata summary

Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets.

Based on abstract + metadata only. Check the source paper before making high-confidence protocol decisions.

Key takeaways

  • Federal Open Market Committee (FOMC) statements are a major source of monetary-policy information, and even subtle changes in their wording can move global financial markets.
  • A central task is therefore to measure the hawkish--dovish stance conveyed in these texts.
  • Existing approaches typically treat stance detection as a standard classification problem, labeling each statement in isolation.

Researcher actions

  • Compare this paper against nearby papers in the same arXiv category before using it for protocol decisions.
  • Validate inferred eval signals (Automatic metrics) against the full paper.
  • Use related-paper links to find stronger protocol-specific references.

Caveats

  • Generated from abstract + metadata only; no PDF parsing.
  • Signals below are heuristic and may miss details reported outside the abstract.

Recommended queries

Contribution summary

  • We introduce Delta-Consistent Scoring (DCS), an annotation-free framework that maps frozen large language model (LLM) representations to continuous stance scores by jointly modeling absolute stance and relative inter-meeting shifts.
  • Across four LLM backbones, DCS consistently outperforms supervised probes and LLM-as-judge baselines, achieving up to 71.1% accuracy on sentence-level hawkish--dovish classification.

Why it matters for eval

  • Across four LLM backbones, DCS consistently outperforms supervised probes and LLM-as-judge baselines, achieving up to 71.1% accuracy on sentence-level hawkish--dovish classification.

Researcher checklist

  • Human feedback protocol is explicit

    No explicit human feedback protocol detected.

  • Evaluation mode is explicit

    Detected: Llm As Judge, Automatic Metrics

  • Quality control reporting appears

    No calibration/adjudication/IAA control explicitly detected.

  • Benchmark or dataset anchors are present

    No benchmark/dataset anchor extracted from abstract.

  • Metric reporting is present

    Detected: accuracy