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.
Jury Awards $300,000 to Woman Who Drank 14 Tequila Shots on Carnival Cruise Ship
Judge Called Out Former Lt. Governor’s ‘Very Concerning’ Behavior Days Before He Killed His Wife
DOJ shakes up lead prosecutor handling Brennan investigation in South Florida, sources say
Turkish grad student who co-authored anti-Israel op-ed at Tufts self-deports after legal battle with DHS
Harris blames Trump for rising gas prices — after once saying they’re the ‘price to pay for democracy’
Numerous House Republicans Band with Democrats to Block Trump’s Desired FISA Extension
Watch: ‘Not Really Religious’ Artemis II Cmdr. Reid Wiseman Broke Down in Tears After Flight When He Saw the Cross on Navy Chaplain’s Collar
Emails reveal how campus police tracked down Bryan Kohberger’s car weeks before he became a suspect
School district’s trans policy blasted for fostering ‘deception’ under shadow of SCOTUS ruling
Another One: Illegal Charged With Rape, Kidnapping After Spanberger Made VA Sanctuary State, Lib Judge Released Him
Man, woman killed in rip current as lifeguard shortage leaves danger zones in beach destination
Acting ICE Director Leaving the Agency for the Private Sector
Air Force is ‘smallest,’ ‘least ready’ in history, National Guard leaders warn Congress in fighter jet plea
Watch: ‘The View’ Hit Its Lowest Low Ever as Joy Behar Attacks ‘Narcissistic’ Jesus in Blasphemous On-Air Rant
Inside the team running John Barrasso’s high-wire whip operation
“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.
