Presumably, the April survey will reveal a shift in these distributions. It is noteworthy, however, that even though the statement in the minutes of the March FOMC meeting regarding Committee members’ expectations for announcing changes in the reinvestment policy was not aligned with market expectations, there was  14  See Board of Governors (2017), p. 3. - 10 only a muted market reaction.
15 Perhaps in part, that is because the market participant survey actually revealed a considerable amount of weight, though not the majority, on an announcement occurring this year. Or it is also possible that the diffuse expectations on timing prior to the release of the minutes were a factor in tamping down market volatility as market participants adjust their expectations.