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.
How mutiny at Southern Poverty Law Center triggered leadership collapse
Trump DOJ jumps into Musk xAI court battle as diversity fight heats up
GOP lawmaker targets left-wing jury nullification trainings in DC
How Minnesota Attorney General Keith Ellison is embroiled in the Feeding Our Future scandal
Tim Tebow Announces the Death of His Father Like Only a Christian Could
Erika Kirk Quietly Arranged a White House Summit Between Trump and Disgruntled Influencers: Report
SPLC indictment builds momentum for Bessent’s Treasury to probe partisan nonprofits
Justice Department announces it’s readopting the firing squad as a means of execution
DOJ drops investigation into Jerome Powell, clearing way for Trump Fed pick Kevin Warsh
House Must Stop Senate’s ‘Unconscionable’ Overnight Approval of Taxpayer-Funded Trans Treatments for Minors
Benjamin Netanyahu Announces Cancer Diagnosis and Treatment
Newsom-backed law lets illegal immigrant child rapist seek early release again as DA urges ‘stop the madness’
Senate hopeful says US should be ‘far more cooperative’ with China to fight climate change
Trump Responds After U.S. Soldier Allegedly Won $400,000 Gambling on Maduro Operation
Forensic genealogy unmasks cold case suspect as strangler, sexual predator decades later: officials
“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.
