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.
War on cartels yields results as ‘El Chapo’ heir confesses to running violent drug empire
Trump grants ‘total authorization’ to ICE agents to protect themselves after violent California clashes
Pennsylvania officials report intermittent failures in statewide 911 service
Trump’s Recovery Response Draws Rave Reviews: ‘A Focus On Delivering for the People’
‘Hole in One from the Moon’: US Museum Makes Rare Find In Its Own Backyard
Inside longtime Biden aide’s marathon closed-door grilling in House GOP cover-up probe
Allegedly ‘Raw’ Epstein Video Footage ‘Likely Modified’: Metadata Analysis
Bongino Reportedly Issues Shock Ultimatum: It’s Bondi or Me
David Gergen, trusted White House advisor to 4 US presidents across decades, dies at 83
Senate moves to rein in Trump administration’s fluctuating Ukraine policy
Ken Paxton’s Senator Wife Files for Divorce ‘On Biblical Grounds,’ Shakes Up Primary
DHS arrests five illegal immigrants convicted of serious crimes, including murder and child abuse
Border Chief Annihilates Newsom with Simple Facts After Governor Calls Trump ‘The Real Scum’
FBI’s Dan Bongino thinking of resigning after clash with AG Pam Bondi over Epstein files fallout: Source
Who is Ashley Williams, the longtime Biden aide grilled by House GOP investigators Friday?
“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.
