Primary dealers are surveyed on their expectations for the economy, monetary policy and financial market developments prior to Federal Open Market Committee meetings.
In advance of each FOMC meeting, a survey prepared by the New York Fed's Markets Group is sent to the Bank's primary dealers. The survey questions are based only on topics widely discussed in public, including in FOMC statements, meeting minutes, and remarks by FOMC members. FOMC members are not consulted in the formulation of survey questions.
The survey, in conjunction with analysis of market prices, helps the FOMC to evaluate what the market is anticipating in terms of the outlook for the economy, monetary policy, and financial markets. This information, combined with information from other sources such as the Beige Book survey of regional economic conditions and the Senior Loan Officer Opinion Survey of lending conditions, helps the FOMC make informed judgments as to how best to advance the mandate given to it by Congress to promote full employment and price stability. The survey does not in any way dictate the policy actions taken by the FOMC.