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.
Cornell MBA council warns ‘non-marginalized’ students to avoid minority recruiting events: report
What Saved the US in the Late 1960s Appears to Be Happening Again, Particularly After Kirk’s Assassination
New Hampshire daycare worker who secretly gave kids melatonin spared jail
Breaking: Kimmel Booted from Air Over Kirk Comments, ABC to ‘Replace the Show with Other Programming’
Alert: Multiple Officers Down in PA Shooting, Mexican Consulate Issues Strange Message Immediately After
ABC pulls Jimmy Kimmel indefinitely following Charlie Kirk comments
Fox News Politics Newsletter: Kash clashes with the Senate
Cruz doubles down against groups funding Charlie Kirk protests; FBI director backs bill during hearing
Mother and Her Two Teen Daughters Stabbed in Their Own Apartment in the Middle of the Night
Pastor: Charlie Kirk’s graphic death was ‘traumatic’ as many Americans reconcile with loss
The Hitchhiker’s Guide to the gambits to avoid a government shutdown over the next few days
Federal Reserve Finally Cuts Interest Rates, Signals It’s Just the Beginning
Charlie Kirk Told Off Donors Who Wanted Him to ‘Keep the Jesus Stuff Out of It,’ Mentor Reveals
Multiple officers involved in Pennsylvania shooting as governor rushes to York County scene
Menendez brothers’ bid for new trial rejected as killer slams judge’s decision as ‘mental gymnastics’
“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.
