A greater number of economists surveyed by the National Association for Business Economics (NABE) felt that the monetary policy pursued by the Federal Reserve is "too stimulative" than in the September survey and most of the survey respondents favored termination of Quantitative Easing sometime in 2013.
However, a slight majority of the respondents indicated that monetary policy is "about right" at present. A vast majority of the panel suggested that the Fed funds rate will not increase until 2014 or 2015.
On the current status of fiscal policy, however, the survey panel was almost equally divided, with 35 percent of participants each describing policy as "too restrictive" or "about right" and 30 percent stating policy is "too stimulative."
Nonetheless, economists strongly favored deficit reduction, at least in the long term. More than 70 percent of the panelists opposed the implementation of full sequestration, but an overwhelming 94 percent favored Congress to enact policies to bring about further deficit reduction over the coming 10 years.
The Economic Policy Survey, conducted semiannually, presents the consensus of a panel of 196 members of the NABE. The latest survey was conducted between January 21 and February 13, 2013.
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