CNBC Federal Reserve Survey - Mid-December,

2010

1. The Federal Reserve decided at its Nov. 3 meeting to purchase $600 billion of Treasuries through June 2011.
Please tell us the actual amount of Treasuries you believe the Federal Reserve will purchase by June 2011.

Response Response
Average Count

In billions of dollars:
586.33 75

answered question 75

skipped question 1

2. Please tell us the total amount, if any, of Treasuries or any other assets that you believe the Federal Reserve
will purchase between June 2011 and the end of the year.

Response Response
Average Count

In billions of dollars:
138.70 73

answered question 73

skipped question 3

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3. Please rate each of the following factors by its impact on the recent rise in bond yields.

Rating Response
High (4) Medium (3) Low (2) None (1)
Average Count

Stronger Growth Outlook 60.5% (46) 32.9% (25) 5.3% (4) 1.3% (1) 3.53 76

Higher Inflation Outlook 17.1% (13) 32.9% (25) 47.4% (36) 2.6% (2) 2.64 76

Worsening Outlook for the Deficit 23.7% (18) 47.4% (36) 22.4% (17) 6.6% (5) 2.88 76

Concern Fed Will Purchase Less

1.3% (1) 17.3% (13) 56.0% (42) 25.3% (19) 1.95 75
Than $600B

Concern Fed Won't Purchase More

5.4% (4) 18.9% (14) 43.2% (32) 32.4% (24) 1.97 74
Than $600B

answered question 76

skipped question 0

4. How effective do you believe the Federal Reserve's current asset purchase program has been at lowering
interest rates?

Response Response
Percent Count

Very effective 0.0% 0

Somewhat effective 32.9% 25

Mostly ineffective 39.5% 30

Totally ineffective 23.7% 18

Unsure 3.9% 3

answered question 76

skipped question 0

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5. When it comes to the recent rise in stocks, what role do you believe the Federal Reserve’s current asset
purchase program has played?

Response Response
Percent Count

Significant role 17.1% 13

Somewhat significant role 56.6% 43

Somewhat insignificant role 15.8% 12

Insignificant role 10.5% 8

Unsure 0.0% 0

answered question 76

skipped question 0

6. Where do you expect the Dow Jones Industrial Average will be on the following dates? (Please enter a whole
number without a comma or decimal point.)

Response Response
Average Count

June 30, 2011

12,167.16 68

December 30, 2011

12,650.06 68

answered question 68

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7. What do you expect the yield on the 10-year Treasury note will be on the following dates? (You may use a
decimal point, but please omit the percentage sign.)

Response Response
Average Count

June 30, 2011

3.65 73

December 30, 2011

4.01 73

answered question 73

skipped question 3

8. What is your forecast for the 2011 year-over-year percentage change (2011 vs. 2010) in the U.S. GDP? (Please
indicate direction of change. You may use a decimal point for the percentage change, but please omit the
percentage sign.)

Response
Count

+3.08 74

answered question 74

skipped question 2

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9. When it comes to the recent rise in commodity prices, what role do you believe the Federal Reserve’s current
asset purchase program has played?

Response Response
Percent Count

Significant role 18.4% 14

Somewhat significant role 44.7% 34

Somewhat insignificant role 21.1% 16

Insignificant role 14.5% 11

Unsure 1.3% 1

answered question 76

skipped question 0

10. When it comes to lowering the unemployment rate, what role do you think the Federal Reserve’s current
asset purchase program will play?

Response Response
Percent Count

Significant role 1.3% 1

Somewhat significant role 34.2% 26

Somewhat insignificant role 42.1% 32

Insignificant role 22.4% 17

Unsure 0.0% 0

answered question 76

skipped question 0

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11. How clearly has the Federal Reserve communicated the reasons for and goals of its asset purchase program?

Response Response
Percent Count

Very clearly 22.4% 17

Somewhat clearly 43.4% 33

Somewhat unclearly 26.3% 20

Totally unclearly 7.9% 6

Unsure 0.0% 0

answered question 76

skipped question 0

12. What grade would you give Fed Chairman Ben Bernanke?

Response Response
Percent Count

A 25.7% 19

B 41.9% 31

C 21.6% 16

D 5.4% 4

F 5.4% 4

answered question 74

skipped question 2

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13. What is your primary area of interest?

Response Response
Percent Count

Economics 54.1% 40

Equities 31.1% 23

Fixed Income 10.8% 8

Currencies 1.4% 1

Other 2.7% 2

answered question 74

skipped question 2

14. May we use your responses with your name on CNBC television or CNBC.com?

Response Response
Percent Count

Yes 67.1% 51

No 32.9% 25

answered question 76

skipped question 0

15. Do you have any comments we may use with your name on CNBC television or CNBC.com ? If so, please
include them here:

Response
Count

31

answered question 31

skipped question 45

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