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.
Pentagon fails 7th audit in a row, unable to fully account for $824B budget
Young Conservatives’ Criticisms of Ronald Reagan Are Misplaced
Liberal Outlet Can’t Take the Heat Anymore, Flees X with Tail Tucked Between Legs: ‘Toxic Media Platform’
Male model charged in gruesome New York City apartment lobby stabbing
California to remove racist term for Native American Woman from more than 30 places
Virginia attorney general expects ‘a lot more common sense’ during Trump presidency
Head washed on Florida beach belonged to missing boy, 19: ‘Insurmountable’ pain
Trump flanked by top allies, cabinet picks at UFC 309: ‘USA, USA’
Florida woman, 44, uses ‘botox’ to explain age after using mother’s age in fraudulent hurricane aid: police
Debt-ridden Harris campaign spent $2.6 million on private flights for staff in October: FEC documents
Mugshots of the week: Nov. 10-16, 2024
Gov. JB Pritzker vows Illinois will boost sex changes after decisive Trump victory
Biden awkwardly stands in back of APEC photo with China’s Xi Jinping front and center
Elon Musk suggests Trump take public input on treasury secretary, backs Howard Lutnick
Joe Rogan Notices Key Detail on Biden’s Face: ‘Biden Voted for Trump, I Guarantee It’
“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.
