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.
Religion of Peace: Man Who Tried to Take Out Synagogue Using Explosive-Packed Truck Was Dearborn-Area Muslim Acting for Hezbollah
Former Rep. MTG vents that she’s ‘so beyond done,’ characterizing Trump’s address as ‘WAR WAR WAR’
Earthquake rattles northern California major cities
FLASHBACK: Dem senate candidate was critical vote in confirming judge who tied voter ID to ‘White supremacy’
Once a Kamala Harris donor, this Arkansas Democrat is steering clear of the former vice president
Major teachers union funds group planning to stage anti-ICE protests at public schools
Fort Hood soldiers shift to underground training to prepare for battlefield medical care
Local Dem leader says he was not ‘an aggressor’ after arrest for hitting man with bullhorn at ‘No Kings’ rally
NYPD cop’s killer convicted of manslaughter, not guilty of murder after split jury ordered to deliberate more
Sham Philadelphia coffee shop hiding crack operation busted in sweeping raid, 17 arrested: AG
Behind the scenes of Congress’ eleventh-hour rush to fund the DHS
Trump says Iran ‘no longer a threat’ after 32 days — outlines next phase of US war
FBI investigated former Capitol Police officer in Jan. 6 pipe bomb case, filings say
Illegal Alien Charged with Murdering 3-Month-Old Infant
Listen: Ketanji Brown Jackson Sparks Derision During Supreme Court Oral Arguments with Bizarre Tangent About Stealing Wallets
“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.
