The objective of the Survey of Market Participants (SMP) is to gain insight into the expectations of active investment decision makers. The survey is conducted as part of the Desk’s market intelligence gathering. Participation in the survey is voluntary and initial eligibility to participate is limited to a subset of firms associated with the following New York Fed advisory and sponsored groups:
- Investor Advisory Committee on Financial Markets
- Foreign Exchange Committee
- Treasury Market Practices Group
- Buyside General Counsel Committee
The Survey of Market Participants consists of a subset of the questions taken from the Survey of Primary Dealers (SPD). 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 SMP 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.
Firms currently on the SMP panel: