Economic Letter

House Prices Respond Promptly to Monetary Policy Surprises

New evidence suggests house prices adjust to monetary policy changes much faster than previously thought. Housing list prices fall within two weeks after the Fed announces an unexpected policy tightening, similar to responses of other financial assets. House prices respond more strongly to unexpected changes in long-term interest rates, than to surprises in the short-term federal funds rate.

The SF Fed’s Commitment to Equity

The San Francisco Fed is dedicated to building an economy that works for everyone and helping ensure all Americans—regardless of gender, race or ethnicity, geography, ability, or socio-economic status—have the opportunity to fully realize their potential.

Career Opportunities

The San Francisco Fed is dedicated to building an economy that works for everyone. We thrive on reflecting the people we serve by hiring talented individuals from diverse backgrounds and creating a culture of inclusion where people are respected for what they do and for who they are.