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1. Will there be another Federal Reserve quantitative easing program in the next year (12 months)?
July 20 Survey October 31 Survey August 11 Survey January 23 Survey September 19 Survey
19%
Yes
34%
46%
48% 48% 68% 59%
37%
No
Don't know/unsure
FED SURVEY
January 23, 2012 2. For those respondents who replied Yes to question #1: How large do you expect the new quantitative program will be over the next year (12 months)? Please do not include reinvestment of maturing securities.
July 20 Survey October 31 Survey August 11 Survey January 23 Survey September 19 Survey
$700
$600
$628
$567
$500
$527 $457
$400
$377
$300
$200
$100
FED SURVEY
January 23, 2012 3. For those respondents who replied Yes to question #1: At which meeting of the Federal Open Market Committee do you think the Fed is most likely to announce a new QE program?
September 19 Survey 0% January 2012 5% October 31 Survey 10% 15% 20% January 23 Survey 25% 30% 35%
5% 3% 15%
26%
March
19%
33%
April
5%
7%
22%
June
5% 4% 0% 4% 0% 6%
28%
July
8% 11%
September
October
0%
December 2012
0%
FED SURVEY
January 23, 2012 4. Do you expect the Federal Reserve to change the time reference in its guidance that it "anticipates that economic conditionsare likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013?"
60%
50%
50% 46%
40%
30%
20%
10%
0% Yes No
4%
Don't Know/Unsure
FED SURVEY
January 23, 2012 5. To what time period do you expect the Fed will change its guidance?
0% Mid 2012 5% 10% 15% 20% 25% 30% 35% 40% 45%
8%
3% 0% 14% 30% 5% 0% 0% 41% 0%
End 2012
Mid 2013
End 2013
Mid 2014
End 2014
Mid 2015
Don't know/unsure
FED SURVEY
January 23, 2012 6. Do you support the FOMC's decision to publish its members' forecasts for the federal funds rate?
80%
70%
60%
67%
50%
40%
30%
28%
20%
10%
5%
Yes No Don't Know/Unsure
0%
FED SURVEY
January 23, 2012 7. Why do you think the FOMC decided to publish member interest rate forecasts?
50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Because of its As a way to commitment signal easier to monetary transparency policy Other responses: To move away from what some saw as a commitment to keep rates at a certain level for a specified period of time They view transparency as a goal in its own right So we know how the consensus came about As a step toward inflation targeting To better manage expectations in an uncertain world and unlock money on the sidelines Misguided transparency concept Communication policy Both
44%
32%
12% 9% 3%
0%
Neither Don't Know/Unsure Other
FED SURVEY
January 23, 2012 8. How will the publication of members' fed funds targets affect U.S. bonds?
60%
50%
53%
40%
30%
32%
20%
10%
9% 5%
0% Lower yields No change Higher Yields Don't Know/Unsure
FED SURVEY
January 23, 2012 9. How will the publication of members' fed funds targets affect U.S. stocks?
70%
60%
59%
50%
40%
30%
32%
20%
10%
0%
1%
Lower prices No change Higher prices
8%
Don't Know/Unsure
FED SURVEY
January 23, 2012 10. How will the publication of members' fed funds targets affect monetary policy?
50%
45%
46%
40%
35%
30%
25%
28%
20%
20%
15%
10%
5%
5%
Improve it No change Make it worse Don't Know/Unsure
0%
FED SURVEY
January 23, 2012 11. How will the publication of members' fed funds targets affect the U.S. economy?
80%
70%
69%
60%
50%
40%
30%
20%
21%
10%
3%
0% Positive impact No impact Negative impact
7%
Don't Know/Unsure
FED SURVEY
January 23, 2012 12. How will the publication of members' fed funds targets affect U.S. inflation?
90%
80%
77%
70%
60%
50%
40%
30%
20%
10%
14% 1%
Reduce inflation No impact
8%
Increase inflation Don't know/unsure
0%
FED SURVEY
January 23, 2012 13. How will the publication of members' fed funds targets affect U.S. employment?
80%
70%
75%
60%
50%
40%
30%
20%
19%
10%
3%
0% Positive impact on employment (more jobs created) No impact
4%
FED SURVEY
January 23, 2012 14. Should the Fed change its guidance for how long it will keep interest rates low from a calendar date to economic targets, such as inflation, unemployment, or nominal GDP?
October 31 Survey 70% January 23 Survey
60%
57%
50%
50% 46%
40%
36%
30%
20%
10%
7%
0% Yes No
4%
Don't Know/Unsure
FED SURVEY
January 23, 2012 15. What target or targets should the Fed use?
100%
90%
86%
80%
76%
70%
60%
50%
47%
40%
50% 42%
41%
30%
20%
10%
5% 5%
Other
Respondents were able to select more than one response, so percentages total more than 100%
FED SURVEY
January 23, 2012 16. Will the change in FOMC voting members in 2012 result in easier policy?
October 31 Survey
60%
January 23 Survey
50%
49%
40%
44% 39%
30%
31%
20%
20%
10%
17%
FED SURVEY
January 23, 2012 17. How would you characterize the Fed's current monetary policy?
July 20 Survey October 31 Survey 0% August 11 Survey January 23 Survey 10% 20% 30% 40% 41% 26% Too accommodative 39% 34% 37% 50% 60% September 19 Survey
45%
3%
12% Too restrictive 12% 10%
12%
5%
FED SURVEY
January 23, 2012 18. What grade would you give Fed Chairman Ben Bernanke?
December 22, 2010 Survey October 31, 2011 Survey July 21, 2011 Survey January 23, 2012 Survey
Averages
Oct 31 Survey:
2.78
Jan 23 Survey:
2.90
Don't know/unsure
4% 2% 7%
FED SURVEY
January 23, 2012 19. Where do you expect the S&P 500 stock index will be on ?
July 20 Survey August 11 Survey Sept 19 Survey
Oct 31 Survey
January 23 Survey
1421 1310
June 30, 2012
1387
This is the first survey in which we asked for a December 31, 2012 forecast.
FED SURVEY
January 23, 2012 20. What do you expect the yield on the 10-year Treasury note will be on ?
July 20 Survey
Oct 31 Survey
August 11 Survey
January 23 Survey
Sept 19 Survey
3.75% 2.99%
June 30, 2012
2.59% 2.77%
2.19%
2.52%
This is the first survey in which we asked for a December 31, 2012 forecast.
FED SURVEY
January 23, 2012 21. What is your forecast for the year-over-year percentage change in real U.S. GDP?
July 20 Survey October 31 Survey August 11 Survey January 23 Survey September 19 Survey
+2.85% +2.47%
2012
2013
+2.59%
This is the first survey in which we asked for a 2013 forecast.
FED SURVEY
January 23, 2012 22. When do you think the FOMC will first increase the fed funds rate?
0% 2012 - Q1 Q2 Q3 Q4 5% 10% 15% 20%
2013 - Q1
Q2 Q3 Q4 2014 - Q1 Q2 Q3 Q4 2015 or later
Don't know/unsure
FED SURVEY
January 23, 2012 23. When do you think the Federal Reserve will make its first planned decrease in the size of its balance sheet?
0% 2012 - Q1 Q2 Q3 Q4 2013 - Q1 Q2 Q3 Q4 5% 10% 15% 20%
2014 - Q1
Q2 Q3 Q4 2015 or later Don't know/unsure
3%
1% 18% 3%
FED SURVEY
January 23, 2012 24. Where do you expect the fed funds target rate will be on ?
July 20 Survey
October 31 Survey
August 11 Survey
January 23 Survey
Sept 19 Survey
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
0.47%
June 30 2012
1.01%
Dec 31 2012
0.25%
0.27% 0.35% 0.20%
June 30 2013
0.41%
This is the first survey in which we asked for a June 30, 2013 forecast.
FED SURVEY
January 23, 2012 25. In the next 12 months, what percent probability do you place on the U.S. entering recession? (0%=No chance of recession, 100%=Certainty of recession)
45%
35%
Aug 11 Survey: 34.0% Sept 19 Survey: 36.1% Oct 31 Survey: 25.5% Jan 23 Survey: 20.3%
30%
25%
20%
15%
10%
5%
0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Aug 11 Survey
Sept 19 Survey
Oct 31 Survey
January 23 Survey
FED SURVEY
January 23, 2012 26. What is the probability, in your opinion, that each of the following countries will default on its debt in the next three years? (0%=No chance of default, 100%=Certainty of default)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0% Portugal July 20 Survey Aug 11 Survey Sept 19 Survey Oct 31 Survey January 23 Survey 52% 45% Ireland 48% 37% Italy 24% 23% Greece 83% 70% Spain 28% 25% 2% 3% Germany France
United States 4% 2%
United Kingdom 2%
41%
47% 49%
34%
33% 33%
23%
28% 28%
82%
84% 88%
24%
26% 30%
2%
2% 2%
4%
4% 6%
1%
2% 1%
2%
3% 2%
Germany, France, and United Kingdom were not included in the July 20 survey
FED SURVEY
January 23, 2012 27. What is your outlook for the European Monetary Union five years from now
July 21 Survey Oct 31 Survey 0% 10% January 23 Survey 20% 30% 40% 50% 60% 70%
42%
No countries will be ejected or leave
47% 24%
53%
Some countries will be ejected or leave
52% 63%
It will be largely dissolved and most European countries will have their own currency
0% 2% 6%
5%
Don't know/unsure
0%
8%
FED SURVEY
Currencies 1%
Other 14%
Economics 51%
Comments:
Robert Brusca, Fact and Opinion Economics: Gipsis in biggest trouble (Greece, Ireland Portugal, Spain, Italy). Italy is too big to default but it is in trouble. Portugal, Spain, and Greece have huge financial and competitiveness problems as well. While everyone is focused on raising money the REAL ISSUE is how to restore competitiveness. And that is hard to fix without a depreciation of the currency, and that can't be done without leaving the eZone and if that IS done default is quite likely. Thus the most important thing to fix is competitiveness (and it is not even on the table). Tony Crescenzi, PIMCO: There are three objectives to the Fed's upcoming communications strategy: 1) Flatten the forward curves, which is to say, push further out expectations for the a reversal in monetary policy. 2) Lower interest rate volatility by anchoring rates via the conditional rate commitment. 3) Push investors to move out the risk spectrum. Mike Dueker, Russell Investments: Fed policymakers have always been told to submit forecasts of output, inflation and unemployment conditional on what they perceive to be "appropriate" monetary policy. With the federal funds rate now on the list, the distinction between most likely and "appropriate" policy seems more important and glaring than ever. Another new feature is that the forecasts will be attached to specific members of the FOMC--they no longer will be able to hide in the pack. Fixed-income markets will have to be very careful in interpreting the path for the fed funds rate put forward by any individual policymaker. She/he might submit a path for the fed funds rate that she/he deems
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