* Rate hikes still needed, says San Francisco Fed President Mary Daly
* Fed expects a recession later this year, according minutes for March meeting
* US-Saudi oil pact breaking down as Russia influence in OPEC rises
* UK economy stagnates in February via GDP data
* China’s exports unexpectedly surge in March
* All but biggest banks face tough quarter for earnings reports
* Threat of war a factor for Buffett’s sale of shares in chipmaker giant TSMC
* US headline consumer inflation eases in March, but core trend ticks up:

ChatGPT, an an artificial-intelligence chatbot, shows promise as a tool for predicting stock prices, according to a new study. “Our results suggest that incorporating advanced language models into the investment decision-making process can yield more accurate predictions and enhance the performance of quantitative trading strategies,” advises a paper — “Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models” — by Alejandro Lopez-Lira and Yuehua Tang, finance professors at the University of Florida. “The fact that ChatGPT is understanding information meant for humans almost guarantees if the market doesn’t respond perfectly, that there will be return predictability,” Lopez-Lira tells CNBC. “As more and more people use these type of tools, the markets are going to become more efficient, so you would expect return predictability to decline. So my guess is, if I run this exercise, in the next five years, by the year five, there will be zero return predictability.”