How economic news moves markets

Only a few economic announcements tend to impact markets, research published by the New York Federal Reserve finds.

Investigating how the issuance of new economic data influences asset prices in the stock, bond and foreign-exchange markets, the paper concludes that only non-farm payroll numbers, the GDP advance release and a private-sector manufacturing report have significant and persistent effects. Most of the other data releases examined generate only transitory or erratic responses.


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