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.
New York, California projected to lose 6 House seats to red states after 2030, census analysis shows
GOP split over whether Trump’s de-escalation efforts in Minnesota is a ‘retreat’
US deports 3 former Iranian Guard members amid rising tensions with Tehran
What Does It Say About Tim Walz That He Compared ICE to Nazis and Then Offered to Work with Them a Day Later?
‘I Lost Touch With Reality’: Kanye West Takes Out Full-Page WSJ Ad to Ask for ‘Forgiveness’
Trump says US will ‘no longer help’ Iraq if Nouri al Maliki returns to power
Well-known Texas attorney’s wife among victims of deadly private jet crash in Maine
Retired NYPD officer collapses, dies shoveling snow for churchgoers during devastating Northeast winter storm
Joe Biden Gets Hit with a Reality Check After Issuing a Statement on ICE Shooting
Trump hits the road to sell economic wins as Republicans brace for high-stakes midterm showdown
Trump admin marks International Holocaust Remembrance Day honoring millions murdered by Nazi regime
Video: To Assure Attacks on ICE Continue, CNN Airs Guest Suggesting ICE Will Begin ‘Putting People in Ovens’
Florida GOP Rep Vern Buchanan to retire, adding to wave of House exits
Minnesota fraud whistleblower says ‘lack of guardrails was pretty shocking’
Iran Suddenly Wants to Strike a Deal After ‘Big Armada’ Arrives: Trump
“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.
