What does the fundamental factor model intercept represent?

CFA Level II
#1

Macroeconomic factor model intercept is risk free rate, but FMFM intercept is not?

#2

macro --> expected value without GDP surprises

Funda --> no economic interpretation

#3

It means . . . pretty much nothing.

#4

So much ado about nothing. Thanks.

#5

isnt the interpret in the fundamental model, the risk free rate?