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

伍德罗·威尔逊总统于1913年创立了美国联邦储备系统（“美联储”），为美国提供了一个稳定而持久的货币体系，从那时起，机构与公众之间的互动发生了很大的变化（Yang & Li, 2022）。联邦公开市场委员会（“FOMC”）是美联储的一个分支机构，目前每年召开八次定期会议，确定货币政策的方向。这些会议通常会揭示美联储将如何限制或放松货币供应，从而对利率产生后续影响。联邦公开市场委员会的声明也为货币政策的未来发展提供了一个重要的视角。因此，市场投资者密切关注FOMC政策公告，不仅是为了确定利率的变化，也是为了研究和解释FOMC声明（Tsai, 2014）。由于美联储的沟通对市场反应和经济事件的进程有重大影响（Resche, 2004），研究这些声明的机制是有价值的。了解美联储的沟通有助于揭示美联储操纵公众认知和帮助投资者做出明智决策的方式（Yang & Li, 2022）。然而，对美联储沟通的研究在语言学研究中代表性不足。本研究有助于进一步理解美联储对市场状况的影响，并填补了理解美联储对市场状况影响的重要研究空白。此外，它调查了一种无疑对金融和全球经济至关重要的类型，向学术界和商界的广大受众提出了重要的问题。由于研究人员和美联储都将沟通视为货币政策审议和实施的关键，因此有必要研究美联储的沟通，以及它“如何”和“在多大程度上”影响市场。

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.