Survey of Market Participants

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

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:

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:

AGNC Investment Corp.
Annaly Capital Management, Inc.
Apollo Management
Appaloosa Management L.P.
Bessemer Investment Management
Caxton Associates LP
Citadel LLC
Credit Suisse Group
D. E. Shaw & Co., L.P.
Eaton Vance
Guggenheim Partners
Invesco Ltd.
J.P. Morgan Asset Management
Kynikos Associates
Microsoft Corporation
Millennium Management, LLC
Moore Capital Management LLC
Teacher Retirement System of Texas
The Carlyle Group
The Travelers Companies, Inc.
The University of Texas/Texas A&M Investment Management Company
Tudor Investment Corporation
Wellington Management
Survey Questions and Results

April/May: Questions | Results
January: Questions | Results

All documents in PDF format. pdf

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