The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has consolidated the Survey of Primary Dealers and Survey of Market Participants into one comprehensive survey titled the Survey of Market Expectations. This adjustment is part of the Desk’s ongoing efforts to streamline its processes and communications.
The Survey of Market Expectations provides insight into the expectations of investment decision makers and market researchers. It is conducted as part of the Desk’s market intelligence gathering.
Existing respondents will continue to respond to the combined survey. In addition, the Desk has also expanded the panel of non-primary dealer survey respondents to better capture views that were previously underrepresented relative to the broad composition of U.S. financial markets. This expansion is intended to be ongoing alongside regular reviews of the panel. This will also allow for the surveys to better reflect the evolving views in domestic markets over time.
These changes will take effect starting on January 15, 2025, with the distribution of the next survey questionnaire.
The underlying data file will continue to include a breakdown of responses by primary dealers and market participants, in addition to the aggregated results. To capture changes in panel composition over time, the Desk will include the names of firms that receive survey questions in each results PDF, rather than on the survey webpage.
Additional information, including historical information about the Survey of Primary Dealers and Survey of Market Participants, can be found via the Frequently Asked Questions.
