Reconciling Survey‑ and Market‑Based Expectations for the Policy Rate
In our previous post [LINK], we showed that the gap between the market-implied path for the federal funds rate and the survey-implied mean expectations for the federal funds rate from the Survey of Primary Dealers (SPD) and the Survey of Market Participants (SMP) narrowed from the December survey to the January survey.
Just Released: Five New Data Series on Consumer Expectations
Who is Driving the Recent Decline in Consumer Inflation Expectations?
The expectations of U.S. consumers about inflation have declined to record lows over the past several months.
How Much Do Inflation Expectations Matter for Inflation Dynamics?
Inflation dynamics are often described by some form of the Phillips curve.
The Survey of Consumer Expectations Turns Two!
The Federal Reserve Bank of New York’s Survey of Consumer Expectations (SCE) turned two years old in June.
Global Asset Prices and the Taper Tantrum Revisited
Global asset market developments during the summer of 2013 have been attributed to changes in the outlook for U.S. monetary policy, starting with former Chairman Bernanke’s May 22 comments concerning future curtailing of the Federal Reserve’s asset purchase programs.
Survey Measures of Expectations for the Policy Rate
Market prices provide timely information on policy expectations.
Do Currency Forwards Say Anything about the Future Value of the U.S. Dollar?
J. Benson Durham Currency forwards do include useful information about the future value of the U.S. dollar, but any messages are hard to decipher without tools. Just as the yield curve reflects expected short rates as well as term premiums, foreign exchange forwards embed not only anticipated depreciation but also premiums for currency risk. This […]
Rising Household Debt: Increasing Demand or Increasing Supply?
Total consumer debt continued to increase in the first quarter of this year, marking the first time since the recession that aggregate debt had grown for three consecutive quarters, according to the May 2014 Quarterly Report on Household Debt and Credit.