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Apr 14

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

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.

FinanceMTEB FinMTEB
·
Mar 15 2

What Media Frames Reveal About Stance: A Dataset and Study about Memes in Climate Change Discourse

Media framing refers to the emphasis on specific aspects of perceived reality to shape how an issue is defined and understood. Its primary purpose is to shape public perceptions often in alignment with the authors' opinions and stances. However, the interaction between stance and media frame remains largely unexplored. In this work, we apply an interdisciplinary approach to conceptualize and computationally explore this interaction with internet memes on climate change. We curate CLIMATEMEMES, the first dataset of climate-change memes annotated with both stance and media frames, inspired by research in communication science. CLIMATEMEMES includes 1,184 memes sourced from 47 subreddits, enabling analysis of frame prominence over time and communities, and sheds light on the framing preferences of different stance holders. We propose two meme understanding tasks: stance detection and media frame detection. We evaluate LLaVA-NeXT and Molmo in various setups, and report the corresponding results on their LLM backbone. Human captions consistently enhance performance. Synthetic captions and human-corrected OCR also help occasionally. Our findings highlight that VLMs perform well on stance, but struggle on frames, where LLMs outperform VLMs. Finally, we analyze VLMs' limitations in handling nuanced frames and stance expressions on climate change internet memes.

  • 7 authors
·
May 22, 2025

EcoVerse: An Annotated Twitter Dataset for Eco-Relevance Classification, Environmental Impact Analysis, and Stance Detection

Anthropogenic ecological crisis constitutes a significant challenge that all within the academy must urgently face, including the Natural Language Processing (NLP) community. While recent years have seen increasing work revolving around climate-centric discourse, crucial environmental and ecological topics outside of climate change remain largely unaddressed, despite their prominent importance. Mainstream NLP tasks, such as sentiment analysis, dominate the scene, but there remains an untouched space in the literature involving the analysis of environmental impacts of certain events and practices. To address this gap, this paper presents EcoVerse, an annotated English Twitter dataset of 3,023 tweets spanning a wide spectrum of environmental topics. We propose a three-level annotation scheme designed for Eco-Relevance Classification, Stance Detection, and introducing an original approach for Environmental Impact Analysis. We detail the data collection, filtering, and labeling process that led to the creation of the dataset. Remarkable Inter-Annotator Agreement indicates that the annotation scheme produces consistent annotations of high quality. Subsequent classification experiments using BERT-based models, including ClimateBERT, are presented. These yield encouraging results, while also indicating room for a model specifically tailored for environmental texts. The dataset is made freely available to stimulate further research.

  • 4 authors
·
Apr 7, 2024