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.
Watch: As Walls Close in, Schiff’s Own Words Come Back to Haunt Him in Resurfaced Pardon Video He Wishes Didn’t Exist
What to know about the Freedom 250 UFC fight on the White House lawn
Left-Wing Mob, Violent Threats Force Erika Kirk to Miss TPUSA Event with JD Vance
Trump reveals he has multi-pick SCOTUS plan ready as retirement speculation heats up
WATCH: Ex-NATO chief draws red line as Trump fumes alliance abandoned US during Iran war
Jeanine Pirro accused of trying to ‘circumvent’ Jerome Powell investigation through unprompted Fed ‘tour’
Millions tap Trump tax cuts this filing season as refunds top $3,400
Trump-Tillis tiff deepens as president says he ‘quit,’ concedes Fed fight could doom new chair confirmation
Man with Joker-inspired rifle fires gun, runs into traffic near Trump golf course, deputies say
Bahamian authorities plan to suspend search for missing American woman amid US Coast Guard criminal probe
Trump Says China Is ‘Very Happy’ With What He’s Doing With the Strait of Hormuz and Has Agreed to Comply
Sanity Is Returning: Teens Identifying as ‘Nonbinary’ Has Crashed 70 Percent in 2 Years Among CA 16-Year-Olds
Federal judge hands Biden’s home state a loss in battle of ICE access to labor data
Watch: Biden Drags College Administrator Up to Podium to Compare Him to Obama
Vance anti-fraud task force suspends 447 hospices in Los Angeles over more than $600M in suspected fraud
“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.
