They responded to CNBC’s invitation to participate in our online survey. Their responses were
collected on July 26-28, 2018. Participants were not required to answer every question.
This is not intended to be a scientific poll and its results should not be extrapolated beyond those
who did accept our invitation.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Raise interest
rates 10%
Lower interest
rates 0%
Keep rates
unchanged 91%
Don't know/
unsure 0%
100%
100%
100% 100% 100% 100%
98% 98% 97%
95% 95%
94% Raise interest rates: 100%
92%
90%
88%
80%
60%
40%
4% 5% 5%
3% 2% 2% 2% 2% 3%
0% 0% 0%
0%
Jan Mar Apr Jun Jul Aug Sep Nov Dec Jan Mar May Jun Jul Sep Oct Dec Jan Mar May Jun Jul
27 15 26 14 26 24 20 1 13 31 14 2 13 25 19 31 12 30 20 1 12 31
'16 '17 '18
(For the 100% answering the next move will be to raise rates)
Aug 0%
Sep 90%
Oct 0%
Nov 0%
Average:
Dec 10%
September
2018
Jan '19 0%
Feb 0%
Mar 0%
Apr 0%
May 0%
After
May '19 0%
4.00
3.74
3.50
3.21
3.00
2.86 2.84
Average
1.50
1.00
Sep 19 Oct 31 Dec 12 Jan 30 Mar 20 May 1 Jun 12 Jul 31
Survey Dates
60%
50% 49%
Approve 44%
45%
44%
40%
41%
Disapprove
17%
30%
24% Strongly
Approve
15%
20% 20%
18% 19% 17%
14%
16% 15%
13% 12%
10% 8%
11%
5% Strongly
Disapprove Neutral 12%
12%
0%
Mar 20 May 1 Jun 12 Jul 31
63%
60%
60% 58%
55%
54%
50%
Negative for growth 54%
40%
31%
30%
27%
23% 24%
Jun 12 Jul 31
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
3%
Increase
5%
62%
Decrease
59%
Little or 35%
no effect
32%
Don't 0%
know/
unsure 5%
Jun 12 Jul 31
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
5%
Increase
7%
49%
Decrease
54%
Little or
46%
no effect
34%
Don't 0%
know/
unsure 5%
7. How has your forecast for 2018 U.S. GDP growth been
affected by recently enacted U.S. tariffs and retaliatory
tariffs by other nations?
Average response:
Average response:
U.S.-
90% 10%
Canada
U.S.-
73% 15% 13%
China
3%
U.S.-
European 78% 20%
Union
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Have no effect
on rate hikes 78%
Don't know/
unsure 0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
It's inappropriate
for a president
to comment on 83%
Fed policy
It's acceptable
for a president
to comment on 15%
Fed policy
Don't know/
unsure 2%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Yes 6%
No 88%
Don't
know/ 6%
unsure
13. In the past year, the U.S. GDP growth rate has
increased. This shift is:
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Permanent 27%
Temporary 63%
Don't know/
unsure 10%
14. What one of two factors are most responsible for the
upward U.S. GDP growth rate shift?
Deregulation and tax cuts (both happened and are not happening again)
Fiscal cap ex
Few things in the economy are truly permanent but the ramp up in
economic growth over the past year should have some legs. Part of the
second quarter strength in real GDP growth was due to efforts to produce
and ship product ahead of retaliatory tariffs. Tax cuts and the rollback in
burdensome regulations has also led to increased business investment,
which should begin showing up in stronger productivity growth and
stronger potential GDP growth.
Tax Bill, Tax Bill
The stimulus from the budget deficit has added to the positive impact on
GDP from the tax cuts.
Dissipation of negative effects from energy shock (boosting business
equipment spending) and revival of corporate sentiment.
Tax cuts and deregulation.
Deregulation, tax cuts, optimism, spirit
Tax cuts, mostly at the corporate level, along with an easing of the
regulatory burden.
Ongoing for some years Not permanent. Pro-business policies. Terrific tax
reductions. Less onerous regulations.
Tax cuts
Deregulation and strong job growth
Easy monetary policy and tax cuts
Lower tax rates
Tax cuts, and the fact that world economies are improving in tandem--a
very rare occurrence
Fiscal stimulus
Capital investment
Tax reform and less regulation
Fiscal stimulus and easy monetary policy
Tax cuts. Increased defense spending.
Tax cuts
Work force growth
15. Where do you expect the S&P 500 stock index will
be on … ?
3,200
3005
2975
3,000
2946
2928
2892
2879
2937
2862
2775 2787
2708
2,600
2588 2593
2555 2564 2562
2480
2,400 2453
2,200
2,000
1,800
Dec Jan Mar May Jun Jul Sep Oct Dec Jan Mar May Jun Jul
13 31 14 2 13 25 19 31 12 30 20 1 12 31
2017 2018
Survey Dates
4.0%
3.24% 3.24%
3.22% 3.23%
3.17% 3.17%
3.05%
3.06% 3.07%
3.03%
2.95%
3.0%
2.84%
2.5%
2.0%
1.5%
1.0%
Dec Jan Mar May Jun Jul Sep Oct Dec Jan Mar May Jun Jul
13 31 14 2 13 25 19 31 12 30 20 1 12 31
2017 2018
Survey Dates
17. Where do you expect the fed funds target rate will
be on … ?
Dec 31, 2018 Dec 31, 2019 Dec 31, 2020
3.1%
2.98%
2.87% 2.93%
2.86%
2.90%
2.9%
2.95%
2.85% 2.92%
2.73%
2.70% 2.70% 2.87%
2.67% 2.68%
2.7% 2.80%
2.60% 2.67%
2.56%
2.49%
2.5% 2.54%
2.34%
2.42% 2.32%
2.29%
2.3% 2.25% 2.24%
2.22% 2.19%
2.17%
2.15% 2.14% 2.23%
2.07% 2.06%
2.06%
2.02%
1.87%
1.9%
1.81%
1.78%
1.7%
1.69%
1.5%
Apr Jun Jul Aug Sep Nov Dec Jan Mar May Jun Jul Sep Oct Dec Jan Mar May Jun Jul
26 14 26 24 20 1 13 31 14 2 13 25 19 31 12 30 20 1 12 31
2017 2018
18. At what fed funds level will the Federal Reserve stop
hiking rates in the current cycle? That is, what will be the
terminal rate?
4.0%
3.5%
3.30% 3.29%
3.20% 3.24%
3.17%
3.11% 3.18% 3.21%
3.06%
3.16%
2.98% 2.95%
3.0% 3.04% 2.94%
2.92%
2.85% 2.94%
2.91%
2.85% 2.73%
2.79% 2.80%
2.65%
2.69%
2.65% 2.64% 2.66%
2.58% 2.48%
2.5% 2.56%
2.42% 2.44%
2.29%
2.0%
Jun 14
Sep 16
Sept 16
Sep 20
Sep 19
Oct 28
Mar 17
Jun 16
Oct 27
Mar 15
Apr 26
Mar 14
Jun 13
Oct 31
Mar 20
Jun 12
Jan 26 '16
Jan 31 '17
Jan 30 '18
Jul 28
Jul 26
Jul 25
Aug 20
Dec 16
Jan 27, '15
Apr 28
Aug 25
Dec 15
Aug 24
Dec 13
Dec 12
Jul 31
Nov 1
May 2
May 1
Survey Dates
19. Will the Fed raise rates above its neutral rate to slow
the U.S. economy?
Jun 12 Jul 31
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
62%
Yes
53%
32%
No
43%
Don't 5%
know/
unsure
5%
3.0%
2.94% 2.94%
2.93%
2.85%
2.85% 2.82%
2.80%
2.8% +2.76%
+2.75%
2.76%
2.72%
2.61% 2.70%
+2.62% 2.66% 2.66%
2.6% 2.60%
+2.58%
2.4% +2.45%2.45%
2.2%
2.0%
1.8%
Jan 31 Jan 30
Dec 13 Mar 14 May 2 Jun 13 Jul 25 Sep 19 Oct 31 Dec 12 Mar 20 May 1 Jun 12 Jul 31
'17 '18
2018 +2.76% +2.75% +2.62% +2.58% +2.45% 2.45% 2.60% 2.61% 2.85% 2.94% 2.76% 2.82% 2.93% 2.94%
2019 2.85% 2.70% 2.72% 2.66% 2.80% 2.66%
2.8%
2.64%
2.6% 2.57%
2.54%
2.50%
2.48%
2.46%
2.44% 2.45%
2.41%
2.4% 2.45%
2.38% 2.42%
2.40%
2.28% 2.32%2.32%
2.30%
2.2%
2.23%
2.15% 2.14%
2.0%
1.8%
1.6%
Dec Jan Mar May Jun Jul Sep Oct Dec Jan Mar May Jun Jul
13 31 14 2 13 25 19 31 12 30 20 1 12 31
2017 2018
Survey Dates
Jun 12 Jul 31
0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
3.74%
2018
3.84%
3.64%
2019
3.79%
Overvaluation of equities
Tax/regulatory policies
Trump's temperament
Global econ weakness
Rise in interest rates
Don't know/unsure
Immigration policy
Worker shortage
Slow job growth
Debt ceiling
Deflation
Inflation
Deficits
Other
Survey Date
Apr 30 2 3 2 1
‘13 0 1 0 0 2 2 1 0
1 2 2 1
Jun 18 5 8 0 3 3 0 3 0
3 2 1 1
Jul 30 8 0 2 0 2 2 0 4 4
2 2 1
Sep 17 4 7 2 2 0 4 8 7 2
2 2 1
Oct 29 8 9 4 3 3 3 8 3 0
3 2 1
Dec 17 5 2 9 2 0 2 5 2 2
Jan 28 2 3 1 2
'14 7 1 0 2 0 0 2 1 0
1 2 2 1
Mar 18 0 3 6 3 5 0 5 8 0
2 2 1 1
Apr 28 3 6 1 3 5 0 8 8 3 0
1 2 1 1 1 1
Jul 29 2 9 2 6 3 0 2 2 2 3
2 2 1 1
Sep 16 6 6 9 6 3 0 6 1 1 3
3 1 1 1
Oct 28 1 8 5 3 3 0 0 8 8 3
4 1 1 1
Dec 16 0 4 4 3 6 0 3 4 3 0
Overvaluation of equities
Tax/regulatory policies
Trump's temperament
Global econ weakness
Rise in interest rates
Don't know/unsure
Immigration policy
Worker shortage
Slow job growth
Debt ceiling
Deflation
Inflation
Deficits
Other
Survey Date
Jan 27 1 1 4 1
'15 0 3 9 0 0 0 6 6 1 6 6 0
1 2 1 1
Mar 17 6 4 0 3 6 0 6 8 8 7 4 0
1 1 2 1
April 28 3 1 8 3 0 0 6 1 8 8 9 3
1 1 2 2 1
Jun 16 3 7 3 0 0 0 4 5 2 6 1 0
2 1 2
Jul 28 6 1 9 0 0 0 2 6 9 9 9 0
1 4 1
Sept 16 0 6 2 0 4 0 0 8 5 8 4 2
1 4 1
Oct 27 0 8 5 3 8 0 8 3 1 0 5 0
1 1 4 1
Dec 15 0 0 5 0 0 0 8 0 4 5 3 5 0
Jan 26 1 4 2
'16 0 0 5 0 3 0 0 5 4 8 0 3 3
2 3 2
Mar 15 5 1 3 0 0 0 5 5 3 5 0 3 1 0
2 3 1
Apr 26 0 2 2 2 2 0 0 7 6 9 0 7 1 2
2 2 1 1
Jun 14 0 8 5 3 0 0 3 0 8 8 0 5 3 0 0
2 1 2
Jul 26 2 0 7 2 2 0 2 0 2 7 0 7 7 7 2
1 3 1 1
Aug 24 3 9 3 3 0 0 3 3 1 3 3 6 4 1 0
1 1 3 1
Sep 20 0 6 1 3 0 0 0 3 0 8 5 5 8 1 0
Overvaluation of equities
Tax/regulatory policies
Trump's temperament
Global econ weakness
Rise in interest rates
Don't know/unsure
Immigration policy
Worker shortage
Slow job growth
Debt ceiling
Deflation
Inflation
Deficits
Other
Survey Date
2 3
Nov 1 3 7 8 0 3 0 8 3 2 3 0 0 5 8 0
1 2
Dec 13 5 9 2 7 0 0 7 7 9 0 2 7 8 5 2
Jan 31 1 1 5 1
'17 0 5 3 3 0 0 0 3 0 5 0 0 0 1 0 0 0
4 1
Mar 14 0 7 2 2 0 0 0 7 4 7 0 2 4 7 4 3 0
2 2 1
May 2 0 8 3 3 0 0 0 5 4 5 0 0 5 6 8 3 0
2 1 1
Jun 13 0 5 5 5 0 3 0 3 1 8 5 0 0 6 8 8 3 0
1 1 2 1
Jul 25 0 5 5 3 3 0 0 0 3 8 5 0 0 0 5 8 8 0
1 1 3
Sep 19 0 2 2 0 2 0 5 2 7 0 7 2 0 2 2 7 7 0
2 1 1 1
Oct 31 0 7 2 2 0 0 0 5 3 5 0 0 2 9 2 4 9 0
1 1 1 1 1
Dec 12 0 7 5 2 0 0 0 7 2 0 2 0 2 2 7 5 5 2 0
Jan 30 2 1 1
‘18 0 3 3 8 0 0 0 8 8 0 0 0 3 4 5 3 8 8 0
4 1
Mar 20 0 3 3 8 0 0 0 8 0 3 3 0 0 7 3 0 8 6 0
2 2 1 1
May 1 0 0 3 8 0 0 3 2 5 8 0 0 0 3 5 3 1 1 0
1 3 1
Jun 12 3 0 3 1 0 0 0 3 5 5 3 0 0 5 3 0 8 8 4 0
Jul 31 5 1
0 0 3 8 0 0 3 5 5 3 3 0 0 3 3 0 0 0 8 0
Other responses:
Confidence shock constraints. If you mean "what
Debt and unfunded liabilities threatens to end the recession?" the
If, by threat, you mean "what's answer is always either an oil price
holding it back the most?" it's the shock or a Fed policy mistake.
slow recovery in residential
construction, due to supply
36.1%
This survey:
35%
34.0% 16.8%
30%
28.5% 28.8%
26.0%
25.9% 25.3%
25.5%
25% 24.4%
23.5%
22.9%24.1% 23.2%
22.1%
22.2%
20.6% 21.6%
20.4% 21.1% 19.3%
20% 20.3% 18.9%
18.8%
18.2% 18.4% 18.5%
17.3% 18.6%
19.1% 18.1%
16.9% 16.9% 16.8%
17.6% 16.2% 16.4% 17.4% 16.5%
16.7%
15.1% 16.4%
16.2%
15% 15.1%
15.3% 15.0% 14.9%
15.2% 15.2%
14.6% 14.7%
13.6% 13.8%
13.7%
13.0%
14.3%
10%
Currencies Other
0% 15%
Fixed Income
17% Economics
51%
Equities
17%
Comments:
Art Hogan, Chief Market Strategist, B. Riley FBR: The Fed will
continue to use a strong economy to normalize rates agnostic to
comments from the White House. The shape of the yield curve could
slow down that process. A tweet will not.