Most of the leading US financial market participants do not want the Federal Reserve to adopt a numerical inflation objective, a mild form of an inflation target, a new survey has revealed. Instead, they want the Fed to concentrate on trying to improve its near-term communication with the markets.

The survey, commissioned by Macroeconomic Advisers, the consultancy firm headed by former Fed governor Larry Meyer, is the first credible attempt to gauge market opinion on a possible Fed strategy shift.