Survey of Primary Dealers

In advance of each Federal Open Market Committee (FOMC) meeting, the New York Fed's Open Market Trading Desk (the Desk) surveys primary dealers on economic and financial market topics that have been widely discussed in public venues.

The objective of the Survey of Primary Dealers (SPD) is to gain insight into the expectations of primary dealer firms. In the past, respondents have been queried about their expectations for the future level of the federal funds rate and the future size of the Federal Reserve's balance sheet, as well as their forecasts of economic indicators. FOMC participants are not consulted in the formulation of survey questions.

Survey results, in conjunction with analysis of market prices and other data, are used by Federal Reserve staff in their evaluations of market expectations for the economic outlook, monetary policy, and the financial markets. Occasionally, the Desk asks respondents to update their responses immediately following an FOMC meeting to gauge how expectations have changed in response to new information.

Survey questions are published on the New York Fed's website at the same time they are distributed to SPD respondents, approximately two weeks ahead of each FOMC meeting. Summaries of the results are published about three weeks after each FOMC meeting, following the release of the corresponding FOMC meeting minutes.

A similar survey, the Survey of Market Participants (SMP), is sent to a range of institutional investment firms.

Survey Questions and Results

January: Questions | Results

All documents in PDF format. pdf