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.
Trump administration scores win as Supreme Court approves deportations to third countries
Supreme Court backs Trump bid to deport criminals to South Sudan
Scoop: Ramaswamy pledges to spend at least $30M of his money in Ohio’s race for governor
US Teen Detained After Landing Plane in Antarctica, Accused of Violating ‘Multiple National and International Regulations’
Hakeem Jeffries Breaks House Record, Still Fails to Stop ‘Big Beautiful Bill’
Independence Day blitz: How Trump and the GOP trifecta sealed a major legislative victory
Judge warns DOJ over public comments in Abrego Garcia case
Multiple Missing, Hundreds Affected After Fireworks Factory Explodes: Video
EPA places numerous employees on leave for alleged misuse of official titles in unauthorized letter
Southernmost US City Terminates ICE Agreement, GOP Leadership Fires Back
2 lone Republicans vote against Trump’s ‘big, beautiful bill’ as it heads to president’s desk
Biden claims European leaders begging him ‘to get engaged’
$20M worth of cocaine, marijuana intercepted by Coast Guard
Fox News ‘Antisemitism Exposed’ Newsletter: From chanting hate to whining for pity
Trump DHS Discovers the Biden Admin Handed Migrant Kids Over to the Worst Sponsors Imaginable
“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.
