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.
President Trump blasts Nobel Peace Prize snub with blistering list of accomplishments: ‘WOW!’
Judicial Watch’s Thomas Fitton slams FBI’s ‘drip-drip’ release for 75,000 pages of Trump-Butler shooting files
Democrats Campaigning Against Their Own Congressional Nominee Who Happens to Be in Federal Prison
Boxing Legend Mike Tyson Delivers Controversial Letter to Trump, Makes Bold Midterm Prediction
Erie shooting leaves nine dead, governor says
Who is Sally Yates? Cornell rape-review pick was fired by Trump after refusing to defend travel ban
Nonprofit rakes in over $320 million in private donations for Trump ballroom and DC beautification efforts
One Colorado County Is Trying to Write Energy Policy for Texas: SCOTUS Has a Chance to Shut It Down
Senate Republicans playing defense heading into Election Day
Jewish Democrats consider Republican Mike Rogers for Senate
Women, Want to Radically Increase the Chances Your Marriage Will Last? Take Your Husband’s Last Name: Study
Key American industry seeing blue-collar jobs boom as Trump’s re-shoring policies pay off
In Spain’s Ceuta, a delayed government response leaves underage migrants on the streets
Socialists set sights on the ground floor of government as GOP warns of bigger plan unfolding
Multiple people killed in Pennsylvania shooting; suspected gunman found dead: report
“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.
