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Gold – Edging higher again ahead of the Fed decision

Will the Fed leave the door open to another hike? Dot plot key for expectations Gold nears key resistance ahead of decision The Fed meeting today is widely…

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  • Will the Fed leave the door open to another hike?
  • Dot plot key for expectations
  • Gold nears key resistance ahead of decision

The Fed meeting today is widely expected to end in an agreement not to hike interest rates this month with the key takeaway being whether they intend to again in this cycle.

The ECB strongly hinted that it is probably done last week but I’m not convinced we’ll get the same signal from the Fed and neither, it would appear, are markets.

We have seen the odds of another hike creeping up a little recently amid more resilience in the economy which will likely make the central bank a little apprehensive about declaring victory or even suggesting they believe they’ve done enough.

If they are so bold as to follow in the footsteps of the ECB, it will be interesting to see what that does to yields and the dollar.

Rebound stalls ahead of the Fed

The gold rebound had stalled over the last couple of sessions but it is edging higher again today going into the announcement.

XAUUSD Daily

Source – OANDA on Trading View

The yellow metal is trading at the highest level since the start of the month which is quite a bullish move in the hours leading up to the decision. Perhaps it’s a sign that markets are expecting a dovish Fed.

It’s struggling around $1,950 which is around the previous high and the 61.8% Fibonacci retracement level – July highs to August lows. A break above here could be quite a bullish move, especially if backed by a dovish Fed announcement.

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Transportability of Comparative Effectiveness Evidence Across Countries

Let’s say that you have an international clinical trial that shows a new drug (SuperDrug) perform better than the previous standard of care (OldDrug)….

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Let’s say that you have an international clinical trial that shows a new drug (SuperDrug) perform better than the previous standard of care (OldDrug). Also assume that individuals with a specific comorbidity–let’s call it EF–respond less well to the SuperDrug treatment. If you live in a country where comorbidity EF is common, how well do you think SuperDrug will work in your population?

This is the question posed by Turner et al. (2023) in their recent PharmacoEconomics paper. The general problem country decisionmakers face is the following:

When study populations are not randomly selected from a target population, external validity is more uncertain and it is possible that distributions of effect modifiers (characteristics that predict variation in treatment effects) differ between the trial sample and target population

Many of you may have guessed that my comorbidity EF actually stands for an effect modifier. Four classes of effect modifiers the authors consider include:

  • Patient/disease characteristics (e.g. biomarker prevalence),
  • Setting (e.g. location of and access to care),
  • Treatment (e.g. timing, dosage, comparator therapies, concomitant medications)
  • Outcomes (e.g. follow-up or
  • timing of measurements)

See Beal et al. (2022) for a potential checklist for effect modifiers.

In their paper, the authors examine the problem of transportability. What is transportability?

Whereas generalisability relates to whether inferences from a study can be extended to a target population from which the study dataset was sampled, transportability relates to whether
inferences can be extended to a separate (external) population from which the study sample was not derived.

https://link.springer.com/article/10.1007/s40273-023-01323-1

Key cross-country differences that may make transportability problematic include effect modifiers
such as disease characteristics, comparator therapies and treatment settings.

What is the problem of interest:

Typically, decision makers are interested in the target population average treatment effect (PATE): the average effect of treatment if all individuals in the target population were assigned the treatment. However, researchers commonly have access only to a sample and must estimate the study sample average treatment effect (SATE).

Key assumptions to estimate PATE are included below:

https://link.springer.com/article/10.1007/s40273-023-01323-1

Primarily, there are two key items to address (for RCTs at least): (i) are there differences in the distributions of characteristics between study and population of the target country/geography and (ii) are these characteristics effect modifiers [or for single arm trials with external controls, prognostic factors].

One can test for differences in the distribution of covariates using mean differences of propensity scores, examining propensity score distributions, as well formal diagnostic tests to identify the absence of an overlap. Univariate standardized mean differences (and relevant tests) can subsequently be used to examine drivers of overall differences. If only aggregate data are available, one may be limited to comparing differences in mean values.

To test if a variable is an effect modifier, the authors recommend the following approaches:

Parametric models with treatment-covariate interactions can be used to detect effect modification. Where small study samples result in power issues or where unknown functional
forms increase the risk of model misspecification, machine learning techniques such as Bayesian additive regression trees could be considered, and the use of directed acyclic
graphs may be particularly crucial for selecting effect modifiers in this case.

Approaches for adjusting for effect modifiers vary depend on whether a research has access to individual patient data.

  • With IPD: Use outcome regression-based methods, matching, stratification, inverse odds of participation weighting and doubly robust methods combining matching/weighting with regression adjustment.
  • Without IPD. Use population-adjusted indirect treatment comparisons (e.g., matching-adjusted indirect comparisons).

To determine which in-country data–typically real-world data–should be used as the target population, one could consider a variety of tools such as EUnetHTA’s REQueST or the Data Suitability Assessment
Tool (DataSAT) tool from NICE.

You can read more recommendations on how to best validate transportability issues in the full paper here.

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New cancer drug shows promise targeting genetic weakness in tumors, comments Virginia Tech expert

Imagine the body’s cells are well-behaved students in the classroom. The “teachers” are tumor suppressor genes, and they make sure cells follow the…

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Imagine the body’s cells are well-behaved students in the classroom. The “teachers” are tumor suppressor genes, and they make sure cells follow the rules. But when tumor suppressor genes are away, cells may go astray.

Credit: Virginia Tech

Imagine the body’s cells are well-behaved students in the classroom. The “teachers” are tumor suppressor genes, and they make sure cells follow the rules. But when tumor suppressor genes are away, cells may go astray.

With cells, this is a serious matter. Unregulated behavior can lead to uncontrolled growth and, ultimately, the development of cancer.

In an invited review article Wednesday (Nov. 1, 2023) in Cancer Discovery, a journal of the American Association for Cancer Research, Kathleen Mulvaney, assistant professor with the Fralin Biomedical Research Institute at VTC, talks about the potential of a new drug called MRTX1719 that has shown early promise in clinical trials for solid tumors by killing cancer cells with that lack specific tumor suppressor genes.

“This is an updated version of an important new class of drugs targeting the PRMT5 enzyme, which is the target protein we study in my lab,” said Mulvaney, a Virginia Tech cancer researcher who is not affiliated with Mirati Therapeutics Inc., the biotechnology company that published clinical results in Cancer Discovery. 

Mulvaney accepted the invitation to write the commentary because of her enthusiasm for the new class of drug and its potential to help the 10 percent to 15 percent of human cancer patients who could benefit from these drugs based on their genetic deletion status. 

The MRTX1719 drug targets cancers with a genetic vulnerability – the absence of tumor suppressor gene CDKN2A and its neighbor gene, MTAP. These missing genes can lead to uncontrolled cell growth, but the drug exploits this weakness to fight the cancer.

“This drug is an improvement because it binds to a specific part of the PRMT5 protein in a manner unique to cancer cells with the CDKN2A/MTAP gene deletion,”  said Mulvaney, is also an assistant professor in the Department of Biomedical Sciences and Pathobiology in the Virginia-Maryland College of Veterinary Medicine. “The data from early testing looks promising for using this drug either alone or in combination with others in the future.” 

In the Phase 1 and Phase 2 stages of clinical testing, researchers reported positive results in patients with specific types of cancer with the MTAP gene missing, including melanoma, gallbladder cancer, mesothelioma, lung cancer, and a type of nerve cancer called MPNST (Malignant Peripheral Nerve Sheath Tumor).

“What’s remarkable is that it took just a few years to go from discovering the genetic issue in these cancers in 2016 to having a hopeful drug in clinical trials by 2023,” Mulvaney said. “This shows how genetic research and smart drug development can create effective cancer treatments. Through genomic screens, we can identify cancer’s Achilles heels and develop small molecules to target them.” 

Earlier versions of PRMT5 inhibitors that reached clinical trials from 2016 to 2019 struggled with issues of toxicity in patients before the drugs could reach a therapeutically helpful dose, Mulvaney said. 

But with the improvements, she said it is important to draw the field’s attention to a new class of MTA-cooperative PRMT5 inhibitors, which includes the drug MRTX1719 and others, because they are demonstrating they can effectively help in killing tumors while leaving the normal human cells unharmed. 

Mulvaney’s lab is part of the Fralin Biomedical Research Institute in Washington, D.C., on the Children’s National Research and Innovation Campus. Her lab is part of a growing collaborative research program between Fralin Biomedical Research Institute and Children’s National Hospital. She is also a member of the Virginia Tech Cancer Research Alliance.


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AI chatbots are illegally ripping off copyrighted news, says media group

AI developers are taking revenue, data and users away from news publications by building competing products, the News Media Alliance claims.

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AI developers are taking revenue, data and users away from news publications by building competing products, the News Media Alliance claims.

Artificial intelligence developers heavily rely on illegally scraping copyrighted material from news publications and journalists to train their models, a news industry group has claimed.

On Oct. 30, the News Media Alliance (NMA) published a 77-page white paper and accompanying submission to the United States Copyright Office that claims the data sets that train AI models use significantly more news publisher content compared to other sources.

As a result, the generations from AI “copy and use publisher content in their outputs” which infringes on their copyright and puts news outlets in competition with AI models.

“Many generative AI developers have chosen to scrape publisher content without permission and use it for model training and in real-time to create competing products,” NMA stressed in an Oct. 31 statement.

The group argues while news publishers make investments and take on risks, AI developers are the ones rewarded “in terms of users, data, brand creation, and advertising dollars.”

Reduced revenues, employment opportunities and tarnished relationships with its viewers are other setbacks publishers face, the NMA noted its submission to the Copyright Office.

To combat the issues, the NMA recommended the Copyright Office declare that using a publication’s content to monetize AI systems harms publishers. The group also called for various licensing models and transparency measures to restrict the ingestion of copyrighted materials.

The NMA also recommends the Copyright Office adopt measures to scrap protected content from third-party websites.

The NMA acknowledged the benefits of generative AI and noted that publications and journalists can use AI for proofreading, idea generation and search engine optimization.

OpenAI’s ChatGPT, Google’s Bard and Anthropic’s Claude are three AI chatbots that have seen increased use over the last 12 months. However, the methods to train these AI models have been criticized, with all facing copyright infringement claims in court.

Related: How Google’s AI legal protections can change art and copyright protections

Comedian Sarah Silverman sued OpenAI and Meta in July claiming the two firms used her copyrighted work to train their AI systems without permission.

OpenAI and Google were hit with separate class-action suits over claims they scraped private user information from the internet.

Google has said it will assume legal responsibility if its customers are alleged to have infringed copyright for using its generative AI products on Google Cloud and Workspace.

“If you are challenged on copyright grounds, we will assume responsibility for the potential legal risks involved.

However, Google’s Bard search tool isn't covered by its legal protection promise.

OpenAI and Google did not immediately respond to a request for comment.

Magazine: AI Eye: Real uses for AI in crypto, Google’s GPT-4 rival, AI edge for bad employees

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