NEW YORK—The Federal Reserve Bank of New York, as part of its ongoing efforts to increase transparency, will today begin releasing the questions it sends to primary dealers to survey their expectations for the economy, monetary policy, and financial market developments.
In advance of each FOMC meeting, a survey prepared by the New York Fed's Markets Group is sent to the Bank’s primary dealers. The survey questions are based only on topics widely discussed in public, including in FOMC statements, meeting minutes, and remarks by FOMC members. FOMC members are not consulted in the formulation of survey questions.
The survey, in conjunction with analysis of market prices, helps the FOMC to evaluate what the market is anticipating in terms of the outlook for the economy, monetary policy, and financial markets. This information, combined with information from other sources such as the Beige Book survey of regional economic conditions and the Senior Loan Officer Opinion Survey of lending conditions, helps the FOMC make informed judgments as to how best to advance the mandate given to it by Congress to promote full employment and price stability. The survey does not in any way dictate the policy actions taken by the FOMC.
Beginning today, the survey questions will be posted on the Primary Dealers section of the Bank’s website on the same day they are sent to the dealers—usually on or about eight business days prior to an FOMC meeting. As an initial step, the Bank is also releasing all the primary dealer surveys conducted in 2011.
The New York Fed also plans to release aggregated results from the surveys with an appropriate time lag. The details will be communicated when determined.
Today’s survey is being distributed to primary dealers in advance of the FOMC meeting on December 13 and is now available on our website along with the questions from previous surveys from 2011.
Primary Dealers Surveys »