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.
Canadian Liberal Who Championed Mass Migration Questions Election Results After Losing Race to Immigrant
Democrat lawmaker calls Clarence Thomas an ‘Uncle Tom’ and ‘lynchman’ after Supreme Court redistricting ruling
Awkward moment kicks off interview with ex-Biden adviser, drawing derision for Dem California gov candidate
‘Beyond Devastated’: NBA Veteran Dies at Age 29
Illegal alien ‘monster’ charged with raping dead girlfriend’s daughter, DHS blames Biden-era policies
Disturbing new details revealed in death of Denver airport intruder who died after breaching fence
Schumer backs GOP’s plan to bring the pain during future shutdowns: ‘I’m going to vote for it’
Mayorkas doesn’t endorse fellow Biden official Becerra in California gubernatorial race
Breaking: Marty Makary Is Out as FDA Commissioner – Acting Replacement Named
Indiana’s Cignetti Gifts Trump Custom Hoosiers Jersey as NCAA Champs Visit WH: ‘I Like This Guy’
Military vet sees opening for GOP in blue state amid ‘embarrassment’ of ‘stolen valor Walz’
Democrats Attempt to Bully House Republican Into Resigning Over ‘Racism’ Against Hakeem Jeffries
Career Criminal Opens Fire on Police Officers While Out on Parole for the Same Crime
Judge in Tiger Woods hearing allows access to drug records
Warsh confirmed as Fed governor, with vote on chairmanship to follow
“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.
