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.
Trump announces new ‘AI Force,’ vows to protect industry as AI czar announcement nears
LA homelessness fraud cases expose deeper problem than stolen millions, oversight hawk warns
Netflix Won’t Be Faithfully Adapting the Last ‘Narnia’ Book Any Time Soon: The Islamic-Seeming Villains Stage a Religious Takeover – Sound Familiar?
Cuba’s power grid collapses as US embargo pressures regime
Soros Prosecutor Dropped His Gun Charges: 1 Year Later, He Was Charged with Murder
Doxxed Holdout Clancy Juror Moved to Undisclosed Location for His Safety After ‘Black Republican’ Faces Backlash
Data Centers Are About to Burn More US Natural Gas Than Almost Every Country on Earth
Congressman Tom Barrett: ‘Being a socialist should disqualify him for people’s consideration in my district’
Philly serial killer probe could expose larger network behind apparent ‘snuff’ films, expert says
Lawyer says 250-foot Trump arch disrupts historic sightlines cherished by veterans seeking burial at Arlington
Missouri woman federally indicted over chilling death threats sent to Austin Metcalf’s family
Blue States with Powerful Teachers’ Unions Have Far Worse Reading Scores for Students Than Red States with Weak Unions
Republicans fear they have little to offer voters as Congress leaves town
China Throws Its Weight Around in America’s Backyard Over Taiwan Backing
Who is Bert Mizusawa The retired Major General challenging Sen. Mark Warner
“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.
