Bloomberg Survey Results

Fed Funds Rate

# of Replies
Median
Average
High Forecast
Low Forecast

2011
2012
2013
4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013
70
70
70
69
67
55
55
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.26%
0.28%
0.28%
0.32%
0.38%
0.25%
0.50%
1.25%
2.00%
2.25%
2.50%
2.88%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%
0.25%

3.50%

3.00%
2.50%

Median

2.00%

Average

1.50%

High Forecast

1.00%

Low Forecast

0.50%

0.00%
4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013

10 Year Note
# of Replies
Median
Average
High Forecast
Low Forecast

2011
2012
2013
4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013
66
66
66
66
63
47
45
2.07%
2.20%
2.35%
2.50%
2.60%
2.85%
3.10%
2.10%
2.22%
2.41%
2.59%
2.77%
2.97%
3.17%
2.75%
3.00%
3.80%
3.89%
4.37%
4.80%
5.46%
1.75%
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%

6.00%
5.50%
5.00%
4.50%
4.00%
3.50%
3.00%
2.50%
2.00%
1.50%
1.00%
4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013

Median
Average
High Forecast

Low Forecast