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.
Supreme Court reverses lower court on qualified immunity for Vermont police sergeant who arrested protester
CNN Tries To Rebrand Anderson Cooper As Podcaster In Sad Grab For Relevance
Taylor Lorenz Wants to Bring Back Masking in the Name of ‘Basic Solidarity’: ‘We’re 6 Years Into a Pandemic’
Power Couple of Chaos: How a tycoon and activist built a ‘Revolutionary Base’ at the House of Singham
Trump orders War Dept to postpone strikes on Iranian energy sites, citing ‘productive’ talks to end war
Two pilots dead after plane collides with fire truck on LaGuardia Airport runway and more top headlines
Iran’s Alarming Long-Range Missile Capacity Revealed After Regime Fired at US-UK Base 2,500 Miles Away
Dem Senate candidate in the hot seat after anti-meat comment resurfaces: ‘This will haunt him’
Trump Reacts to Robert Mueller’s Death: ‘Good, I’m Glad He’s Dead’
Biden officials who backed Microsoft software breached by China now work for Microsoft
9 suspects arrested after $7M in stolen cargo seized in Southern California bust
Man charged in $90M Medicare fraud scheme; DOJ says suspect may have entered US illegally
Duffy predicts ‘worse’ wait times will increase shutdown pressure on Democrats
Illegal immigrant charged with killing Loyola student released under Biden, DHS says
As cattle herds shrink and beef prices rise, investors back AI cow collars
“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.
