# Analyzing FOMC Minutes: Accuracy and Constraints of Language Models

arXiv: https://arxiv.org/abs/2304.10164 · HTML: https://mlsanity.com/paper/2304.10164/

## Key facts

- Cited by 2 papers in the map (data through 14 Oct 2026).
- Builds on 18 of its 51 references that are in the map.
- First posted on arXiv 20 Apr 2023.

## Builds on (most cited first, 18 of 18)

- [Attention Is All You Need](https://mlsanity.com/paper/1706.03762/) (2017)
- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [Chain-of-Thought Prompting Elicits Reasoning in Large Language Models](https://mlsanity.com/paper/2201.11903/) (2022)
- [BART: Denoising Sequence-to-Sequence Pre-training for Natural Language Generation, Translation, and Comprehension](https://mlsanity.com/paper/1910.13461/) (2019)
- [Large Language Models are Zero-Shot Reasoners](https://mlsanity.com/paper/2205.11916/) (2022)
- [DistilBERT, a distilled version of BERT: smaller, faster, cheaper and lighter](https://mlsanity.com/paper/1910.01108/) (2019)
- [Finetuned Language Models Are Zero-Shot Learners](https://mlsanity.com/paper/2109.01652/) (2021)
- [Deep contextualized word representations](https://mlsanity.com/paper/1802.05365/) (2018)
- [Prompt Programming for Large Language Models: Beyond the Few-Shot Paradigm](https://mlsanity.com/paper/2102.07350/) (2021)
- [Recent Advances in Natural Language Processing via Large Pre-Trained Language Models: A Survey](https://mlsanity.com/paper/2111.01243/) (2021)
- [FinBERT: Financial Sentiment Analysis with Pre-trained Language Models](https://mlsanity.com/paper/1908.10063/) (2019)
- [Good Debt or Bad Debt: Detecting Semantic Orientations in Economic Texts](https://mlsanity.com/paper/1307.5336/) (2013)
- [A Unified Generative Framework for Aspect-Based Sentiment Analysis](https://mlsanity.com/paper/2106.04300/) (2021)
- [Exploiting BERT for End-to-End Aspect-based Sentiment Analysis](https://mlsanity.com/paper/1910.00883/) (2019)
- [Paradigm Shift in Natural Language Processing](https://mlsanity.com/paper/2109.12575/) (2021)
- [Aspect-based Sentiment Analysis in Document -- FOMC Meeting Minutes on Economic Projection](https://mlsanity.com/paper/2108.04080/) (2021)

## Built on by (most cited first, 2 of 2)

- [A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges](https://mlsanity.com/paper/2406.11903/) (2024)
- [Enhanced Trading Systems with Intelligent Market Analysis](https://mlsanity.com/paper/2610.13998/) (2026)

## Abstract (arXiv)

This research article analyzes the language used in the official statements released by the Federal Open Market Committee (FOMC) after its scheduled meetings to gain insights into the impact of FOMC official statements on financial markets and economic forecasting. The study reveals that the FOMC is careful to avoid expressing emotion in their sentences and follows a set of templates to cover economic situations. The analysis employs advanced language modeling techniques such as VADER and FinBERT, and a trial test with GPT-4. The results show that FinBERT outperforms other techniques in predicting negative sentiment accurately. However, the study also highlights the challenges and limitations of using current NLP techniques to analyze FOMC texts and suggests the potential for enhancing language models and exploring alternative approaches.