CNBC Fed Survey: 57% Do not Believe Bernanke

The CNBC Fed Survey is showing that when it comes to monetary policy, the market is increasingly "just not believing the promises that Chairman Ben Bernanke has made."

So was Steve Liesman's summary of CNBC's most recent survey on the US Federal Reserve.

"When faced with the question "Will the Fed keep rates exceptionally low through late 2014?" respondents pointed at a clear credibility issue, only 40 percent say "Yes." 57 percent say "No" and 3 percent are not sure." noted Liesman.

When asked on how they characterized the Fed's current monetary policy, Liesman said 53 percent said "too accommodating," 38 percent said "just right," and 6 percent found it "too restrictive." That is a marked change from last survey's 37 percent, 45 percent and 12 percent respective measurements.

Of the 67 respondents in the survey, Liesman points out, over half are economists. "You'd think these guys would be the ones who would agree with Fed Chairman Bernanke," Liesman notes.

On whether they expected further quantitative easing in the next 12 months, CNBC Fed Survey says 63% believe there won't be any, a measurement that Liesman says is up 19 percent from the previous reading in January. Oh how much the quantitative easing will be among the 37 percent that expect it, that number has come down in the March survey to $450 billion, from $567 billion expected in January.

On the final question of what the Fed could do to further drive down long-term yields, Liesman points that 43 percent answered "None." Another 39 percent answered "Sterilized QE. Twenty-five percent went with "Extended Operation Twist.