A Diachronic Corpus-assisted Discourse Study of the Linguistic Features of Fed Communication and its Impact on Market AudiencesPresident Woodrow Wilso

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President Woodrow Wilson founded the American Federal Reserve System ("the Fed") in 1913 toprovide America with a stable and long-lasting monetary system, and since that time interactionbetween the agency and the public has evolved greatly (Yang & Li, 2022). The Federal Open MarketCommittee ("FOMC"), one of the branches of the Fed, currently determines the direction ofmonetary policy by convening eight regular meetings annually. These meetings generally reveal howthe Fed will restrict or relax monetary supply, with a subsequent impact on interest rates. FOMCstatements also provide an essential perspective on future developments in monetary policy. Thus,market investors closely monitor FOMC policy announcements not only to determine changes ininterest rates but also to study and interpret FOMC statements (Tsai, 2014).Since Fed communication has a substantial impact on market reactions and the course of economicevents (Resche, 2004), studying the mechanisms of these statements is valuable. Understanding Fedcommunication helps reveal the ways in which the Fed manipulates public perception and assistsinvestors in making wise decisions (Yang & Li, 2022). However, studies of Fed communication areunderrepresented in linguistic research. This study contributes to furthering the understanding ofFed communication and filling a crucial research gap in understanding the impact of the Fed onmarket conditions. Moreover, it investigates a genre which is undoubtedly of critical importance tofinance and the global economy, raising issues of importance to a wide audience both withinacademia and the business world. As both researchers and the Fed view communication as pivotalin the deliberation and implementation of monetary policies, it is worthwhile to investigate Fedcommunication and "how" and "to what extent" it affects the market.