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.
Trump’s ‘home run’ SOTU speech sparks praise from conservatives online while leaving Democrats seething
Fox Nation releasing four-part documentary on David: King of Israel
Jasmine Crockett trashes Trump, boycotts his speech: ‘The current state of our union is grim’
House Democrats ignore Hakeem Jeffries’ plea to sit silent at State of the Union
Car barrels into crowd outside California bar, gunfire erupts in chaotic scene caught on video
DHS touts ‘most secure border’ in US history amid departure of nearly 3M illegal immigrants
Trump awards back-to-back Medals of Honor during State of the Union address
Inside the Chamber: Trump gets under Democrats’ skin at State of the Union
Spanberger slams Trump on ‘affordability’ in SOTU response — as Virginia Democrats push new taxes
Trump awards Purple Hearts to National Guard members ambushed in Washington, DC: ‘We love you all’
‘We did not hear the truth from the president’: Spanberger squares up to Trump in State of the Union rebuttal
White House unloads on Democrats who ‘failed’ Trump’s State of the Union ‘test’
Trump admin sues University of California for allegedly fostering hostile workplace for Jewish employees
WATCH: ‘These People Are Crazy!’ – Trump Unloads on Democrats During SOTU With a Never Before Seen Passion
BREAKING VIDEO: Chaos Breaks Out at SOTU After Trump Asks Everyone in Favor of Putting US Citizens Before Illegals to Rise
“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.
