How can housing markets and homeowners be supported in a time of economic crisis? The Depression era offers some lessons for today.

In the latest Chicago Fed Letter, Vamsi Kurakula, Santiago Sordo-Palacios (both pictured), and Stefania D’Amico present a method to gauge expectations about the policy rate path that preserves the information derived from high-frequency data, while filtering out noise unrelated to future macro-finance conditions.

AgLetter reports there was no annual change in farmland values in the Seventh Federal Reserve District for 2019. Values for “good” agricultural land in the fourth quarter of 2019 were 1 percent higher than in the third quarter.