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.
SBA freezes over 100,000 California borrowers in sweeping $9B pandemic fraud crackdown
Israeli Government-Funded ‘Mobile Museum’ Set to Visit US Churches to Promote Zionism
Hundreds of Bizarre References to ‘Pizza’ in New Epstein Documents Raise Eyebrows
Conservative firebrand vows to purge ‘RINOs’ in battle to replace retiring Vern Buchanan in open Florida seat
When anti-ICE clashes trigger federal intervention: Experts explain the constitutional breaking point
North Carolina man charged with three counts of statutory rape held on ICE detainer
Nancy Guthrie’s Neighbor Details Mysterious Sighting Shortly Before Disappearance
Fox News Campus Radicals Newsletter: Top teachers’ union under fire, anti-ICE agitator network exposed
Actor and Producer Timothy Busfield Charged with Committing Child Sex Crimes on Set
Early missteps, delayed search plane response emerge in Savannah Guthrie’s mother disappearance
Fox News True Crime Newsletter: Nancy Guthrie’s abduction, Ohio dentist’s autopsy, Suitcase Killer’s sentence
Chagos handover in limbo after Trump softens on deal, bill pulled from UK Parliament
Second federal judge blocks IRS from sharing addresses with ICE
NFL Under Fire After Awards Show Is Marred by Multiple ‘Unprofessional and Disrespectful’ Gaffes
More than a dozen anti-ICE agitators hauled away by NYPD near Columbia University
“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.
