The unemployment rate in the U.S. could hit 30 percent, Federal Reserve Bank of St. Louis President James Bullard said in Bloomberg News interview.
“This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole,” Bullard said. “It is a huge shock and we are trying to cope with it and keep it under control.”
That would be the highest rate of unemployment since the Great Depression.
Bullard said he expects economic growth to plunge 50 percent in the second quarter but for the economy to bounce back later in the year, so long as the appropriate measures are taken by the fiscal and monetary authorities.
Voters Attack Back in Missouri: Council Members in Multiple Towns Electorally Whacked as Fed-Up Voters Send Blunt Message
Vance says he’s ‘grateful’ for Pope Leo’s statement on not wanting public debate with Trump
Trump’s Quick Reply to Joe Rogan’s Text Message Brought Him to the White House: ‘Do You Want FDA Approval?’
Transportation industry showers son-in-law of transportation secretary with cash to fuel congressional bid
Virginia could lose influence in Congress if Spanberger’s gerrymander passes
Illegal immigrant accused of attempted rape in Virginia had past charges dropped by Soros-backed prosecutor
Obama, Mamdani sing ‘Wheels on the Bus’ with Bronx kids during first joint appearance: video
NYC teen shot dead on Queens basketball court as bystanders filmed; police searching for gunman
Rubio targets Nicaraguan official over alleged torture tied to ‘brutal’ Ortega regime
‘Lego bandit’ accused in bizarre $34K scheme replacing minifigures with pasta
Pro-Life Activist Targeted By Biden Walks Away with Massive Lawsuit Payout
Airline worker stole plane, performed barrel roll before deadly crash: Inside final moments
Trump DOJ Keeps Biden-Era Gun Rule
Walz rips Trump and Vance in Europe, says ‘feeble-minded, trigger-happy president’ has no exit plan for Iran
This African Country Could Start Islamic ‘Sharia Courts’
“I would see the third quarter as a transitional quarter,” Bullard said. The next six months, however, could be very strong. “Those quarters might be boom quarters,” he said.
Bullard also said the Fed was far from being “out of bullets,” as some Fed watchers have claimed.
“There is more that we can do if necessary,” he said. “There is probably much more in the months ahead depending on where Congress wants to go.”
Story cited here.
