Category: Stream | Tags: AI, Bloomberg, Greenwich Union, currency, economist, event, generated data, macro, research, trends
Posted by Colin Lambert. Last updated: October 31, 2024
Economists at large asset managers, research firms at large banks and brokerages, NGOs, and government agencies are using new predictive tools, alternative data, and generative AI to “reinvent” how they conduct macro research, according to a new study. It turned out that they were employing.
The study, conducted by the Greenwich Union in collaboration with Bloomberg, found that prediction markets are the most powerful tool economists are using to analyze the market impact of the next major event, the US presidential election. , which outperformed real-time polls and state-level polls. social media, campaign donations, etc.
Similarly, in this study, economists ranked alternative data, particularly social media sentiment analysis and real-time consumer transaction data, as the second and third most important tools for macro analysis, in addition to predictive markets. I found out that The same goes for analytics powered by generative AI. We will develop our drivers over the next 12 months.
Coalition Greenwich says early career economists are “highly appreciating” generative AI for use in predictive models as one area of their workflows that is likely to be transformed over the next two to three years. states. Predictive models generate predictions about market trends, currency movements, or economic indicators.
This research highlights the continuing evolution of the role of economists as we conduct thematic and market analysis of government policy responses, labor market impacts, and other macro factors that drive markets and impact investment portfolios. It turns out. The magazine further adds that economists’ growing demand for generative research solutions powered by alternative data and AI reveals how the macro investment industry will evolve in the future, with the majority of young economists He points out that he now believes that alternative economic indicators are more valuable than traditional indicators. In-time indicators when analyzing the US economy.
Economists also point out that seamless access to consistent and compatible data across analytical tools and data feeds is a top priority when analyzing macro trends. A focus on data quality and interoperability is essential to the rapid adoption of generative AI, federation, and Bloomberg Nation.
“With news cycles becoming increasingly shorter and traders reacting more quickly to market events, economists are no longer relying solely on popular macro indicators to provide actionable commentary. “We can no longer rely on it,” said Kevin McPartland, head of market structure and technology research at Coalition Greenwich. “As such, economists are increasingly looking to supplement traditional indicators with new predictive tools and alternative datasets to understand the macroeconomic environment in more nuanced ways. Using AI as a predictive tool Although still limited, some leading economists are beginning to see results.”
Michael McDonough, chief economist for financial products at Bloomberg, said: “Advances in technology have given macro investors access to much larger data sets, accelerating their trading strategies, but it is difficult to understand complex macro trends. There is still a need for analytics that can be interpreted seamlessly.” In the future, economists will be able to use unique tools with alternative economic indicators and generative AI solutions to interpret information and communicate insights with unprecedented speed and accuracy. ”
