The Survey of Consumer Expectations (the “SCE”) was developed and is owned by the Federal Reserve Bank of New York (“FRBNY”). The subject matter and wording of individual SCE questions are not necessarily unique to the SCE; some SCE questions have been informed by or adapted from other public surveys.

Conditions of Use

Permission to Use. The SCE questions and published data may be used and adapted by others subject to the license posted below. Users of the SCE questions must not identify the Federal Reserve or any Federal Reserve entity, including FRBNY, as a source of questions included in any other survey.

Results Based on SCE Questions. When results of another survey using all or substantially all SCE questions are published or presented, FRBNY asks that the survey publisher acknowledge use of the SCE questions but not in such a way as to imply that FRBNY has endorsed the survey. FRBNY requires that the following attribution and disclaimer be included with the results: “Some [All] survey questions were taken or adapted from the Survey of Consumer Expectations, © 2013-2019 Federal Reserve Bank of New York (FRBNY). The SCE questions are available without charge at /microeconomics/sce and may be used subject to license terms posted below. FRBNY did not participate in or endorse [identify user’s survey], and FRBNY disclaims any responsibility or legal liability for the administration of the survey and the analysis and interpretation of data collected.” (Brackets indicate detail to be completed by the publisher of the other survey.)

Data Attribution. FRBNY requires the following attribution and disclaimer to be included with any publication or presentation of SCE data: “Source: Survey of Consumer Expectations, © 2013-2019 Federal Reserve Bank of New York (FRBNY). The SCE data are available without charge at /microeconomics/sce and may be used subject to license terms posted below. FRBNY disclaims any responsibility or legal liability for this analysis and interpretation of Survey of Consumer Expectations data.”

License for Survey of Consumer Expectations Data and Questions

The Survey of Consumer Expectations (the “SCE”) was developed and is owned by the Federal Reserve Bank of New York (“FRBNY”). FRBNY launched the SCE in 2013. The subject matter and wording of individual SCE questions are not necessarily unique to the SCE; some SCE questions have been informed by or adapted from other public surveys.

FRBNY has published the SCE questions and most data it collects through the SCE so that they are widely available at no charge for study, comment, and reuse. FRBNY permits use of the SCE questions and FRBNY-published SCE data on the following license terms.

License Grant. Subject to the terms and conditions of this license, FRBNY grants users, who may be individuals or entities, a worldwide, royalty-free, nonexclusive right to reproduce, use, and distribute the SCE questions and FRBNY-published SCE data, in whole or in part, and to produce, reproduce, and distribute work derived from or based on the SCE questions and the FRBNY-published SCE data. Derivative works include, for example, works that replicate some, but not all, of the SCE questions alone or in combination with new material, works that translate, rearrange, adapt, or otherwise transform or modify the SCE questions as presented by FRBNY, and manipulation, analysis, and interpretation of the FRBNY-published SCE data. The license continues through the term of FRBNY’s copyright in the SCE questions and data, but terminates automatically if a user fails to comply with the terms of the license.

Trademark Use Prohibited. This license does not permit users of the SCE questions or data to use any logo, seal, or other trademark of FRBNY or any other Federal Reserve entity.

No Endorsement. This license is not an endorsement by FRBNY of any use of the SCE questions or data by anyone other than FRBNY. Users may not assert or imply that FRBNY participates in, sponsors, endorses, or otherwise supports or contributes to any use, analysis, interpretation, or publication of the SCE questions or data or any derivative works by anyone other than FRBNY. While SCE questions may be used or adapted for use in other surveys, such other surveys must not reference or attribute the other survey or any individual questions to the Federal Reserve or any Federal Reserve entity, including FRBNY.

Results Based on SCE Questions. When results of another survey using all or substantially all SCE

questions are published or presented, FRBNY asks that the survey publisher acknowledge use of the SCE questions but not in such a way as to imply that FRBNY has endorsed the survey. FRBNY requires that the following attribution and disclaimer be included with the results: “Some [All] survey questions were taken or adapted from the Survey of Consumer Expectations, © 2013-2019 Federal Reserve Bank of New York (FRBNY). The SCE questions are available without charge at /microeconomics/sce and may be used subject to license terms posted there. FRBNY did not participate in or endorse [identify user’s survey], and FRBNY disclaims any responsibility or legal liability for the administration of the survey and the analysis and interpretation of data collected.” (Brackets indicate detail to be completed by the publisher of the other survey.)

Data Attribution. FRBNY requires the following attribution and disclaimer to be included with any publication or presentation of the SCE data: “Source: Survey of Consumer Expectations, © 2013-2019 Federal Reserve Bank of New York (FRBNY). The SCE data are available without charge at

/microeconomics/sce and may be used subject to license terms posted there. FRBNY disclaims any responsibility for this analysis and interpretation of Survey of Consumer Expectations data.” Where figures or graphs present SCE data in a publication that generally includes separate attributions for figures and graphs, use the following attribution for the figure or graph: “Source: Survey of Consumer Expectations, New York Fed.”

No Liability. FRBNY makes no representations or warranties of any kind regarding the SCE questions or data. The SCE questions and data are published “AS IS.” By using the SCE questions or data, users agree they are solely responsible for their own use of the SCE questions and data and for use of SCE questions or data and any of the user’s derivative works by any third party, and users agree to indemnify, defend, and hold harmless FRBNY, its employees, and agents from any claim, damage, liability, and expense (including legal expenses) arising from the user’s use of SCE questions or data and any of the user’s derivative works. FRBNY disclaims all liability of any kind and under any legal theory for use of the SCE questions or data in any manner by anyone other than FRBNY. FRBNY may, at any time in its discretion, change the SCE questions and the terms on which the SCE questions and data are made available and make corrections to the SCE data and other changes to the form and content of the data reports. FRBNY may also stop distributing the SCE questions and data at any time in its discretion.

Interpretation. FRBNY will not be bound by any additional or different terms or conditions offered by any user of the SCE questions or data unless FRBNY expressly agrees in writing to them. No term or condition of this license, and no right of FRBNY to enforce this license, will be waived by FRBNY unless expressly agreed in writing by FRBNY. This license is governed by the federal laws of the United States, and in the absence of controlling federal laws, by the law of the State of New York.

January 14, 2019