May 17 (Bloomberg) -- The Federal Reserve Bank of New York’s survey of primary dealers conducted before policy makers met last month showed that the firms predicted the central bank would begin raising interest rates in the third quarter of 2014.

The timing was based on the median response of dealers who received the survey on April 12 and released today by the New York Fed.

--Editors: Christopher Wellisz, James Tyson

To contact the reporter on this story: Aki Ito in San Francisco at [email protected]

To contact the editor responsible for this story: Chris Wellisz at [email protected]