---
title: The Three Faces of Fed Surprise: Rate-Path, Information and Tone Shocks in the Equity Cross-section
url: https://www.ml-quant.com/papers/ssrn/7560218/
site: ML-Quant (https://www.ml-quant.com)
updated: 2026-10-09
license: Summaries CC BY 4.0; links go to the original sources
index: https://www.ml-quant.com/llms.txt
identifier: SSRN 7560218
source_url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7560218
featured: 2026-10-09
citations: unknown
topic: Asset Pricing & Factors
---


# The Three Faces of Fed Surprise: Rate-Path, Information and Tone Shocks in the Equity Cross-section

The study decomposes Federal Reserve announcements into three orthogonal shocks and traces each through the equity cross-section, finding rate-path surprises dominate while standard balance-sheet characteristics carry no additional power beyond beta and size.

- Source: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7560218
- Identifier: SSRN 7560218
- Released: 2026-10-06
- First featured: Quant Letter No. 134 (2026-10-09): https://www.ml-quant.com/issues/2026-10-09/
- Citations (Semantic Scholar): not tracked
- Published in: not yet
- Topic: Asset Pricing & Factors
- Authors: Pablo De Diego Leguina

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