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.
Dystopia: UK Woman Recalls Being Arrested by Multiple Officers for Hate Crime While She Was Naked, After Sending Harmless Text Message
Decomposed body found in Connecticut after standoff with man who opened fire at police
Adams issues orders blocking NYC from boycotting Israel as clash with Mamdani grows
US Institute of Peace officially renamed for Trump as White House moves to dismantle agency: ‘Congratulations’
Feds arrest felon illegal immigrant after seizing tens of millions in meth stashed in blackberries
Elderly Texas woman learns fate for distributing 150,000 doses of fentanyl through the mail
Model, DJ linked to violent Tren de Aragua gang leader sanctioned by Trump administration
Social media reactions reveal why both parties celebrated after GOP candidate won special election
Prince William Plans to ‘Slash and Burn’ Royal Establishment, Harry and Meghan: Report
Ghislaine Maxwell pushes back on full transparency for Epstein files
Trump warns US may launch land operations inside Venezuela ‘very soon,’ says regime sent ‘killers’ to America
Ex-CNN Anchor Who Quit News Industry Under Cloud of Controversy Is Now Dead
Americans want US to lead globally but doubt military can win major wars overseas, survey finds
The Tennessee ‘waltz’: Republicans and Democrats dance around meaning of special election results
Family Demands Answers After Texas A&M Student Mysteriously Dies After Football Tailgate
“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.
