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.
Minnesota official’s voter guide message on Somali TV triggers viral backlash: ‘Not an accident’
US dual citizen extradited to El Salvador, accused of killing son’s mother and abandoning toddler: DOJ
Harris pushes Georgia Democrats to turn ‘pain into purpose’ in fight against ‘tyrant’ Trump
Watch: Shattered Glass on Ground as DOJ Agents Hit Minneapolis Fraudsters Hard, Launching Multiple Simultaneous Raids Around City
Trump Admin Exposes North Korean Tech-Hiring Scam, US Companies Were Funding the Country’s Weapons
National Democrats leave Mary Peltola to fend for herself amid Alaska Senate scandal
Breaking: Sir Patrick Stewart, Legend from Star Trek and X-Men, Has Died Due to Previously Undisclosed Health Issues
Judge grills AG’s office in Cornell sex assault case as ex-frat bro’s lawyer demands ouster over alleged bias
9 Alleged Cartel-Linked Train Bandits Arrested in California
Dem probes could ‘torture’ young Trump officials with crushing legal bills, subpoenaed conservative warns
Woman shot outside Virginia GOP headquarters in Richmond, party confirms
Report on alleged ‘second Dan Sullivan’ effort emerges after nearly 1 in 10 Alaskans voted
Why Lula’s reelection in Brazil is ‘not gonna make democratizing Cuba any easier’
Dead felon voting controversy grows as ‘Betty No Last Name’ surfaces in Spanberger’s rights restoration push
Bombshell: Ex-Wife Levels New Rape, Incest Accusations at Hugh Hefner, the Man Who Mainstreamed Pornography
“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.
