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.
Veteran pediatrician hails Medicaid shift ending youth sex-change treatments: ‘This is not denial of care’
Legal expert calls for Smithsonian leadership overhaul over ‘self-loathing’ portrayal of history: ‘It’s bile’
Man charged with assault, hate crimes after allegedly disrupting Shabbat services at NYC synagogue
Shake Shack worker allegedly calls out before robbing own restaurant, returns in uniform 2 days later
California Man Receives Postcard Sent by His Late Parents 26 Years Ago
DFW Airport scraps controversial Islamic foot-washing station plan as Texas Gov Abbott takes aim
California teen faces prison after viral video shows him squaring up, repeatedly kicking sea lion in the face
Delta flight diverted twice after lavatory leak floods cabin, leaves passengers stranded for hours
Reagan National Airport makes drastic change following deadly 2025 midair collision
Watch: Little League Coach Declares, ‘Jesus Is Still Lord’ Live on ESPN
El-Sayed’s half sister offered Oct 7 ‘blessing,’ one year after Hamas attack: ‘Allahu Akbar’
Trump leaves stage mid-speech to embrace parents of 12-year-old killed by stray bullet in the Bronx
Trump’s fight over rarely used 18th-century deportation law lives on in latest court clash
President Trump claims AOC, far-left Democrats are backing away from controversial positions
EXCLUSIVE: Kennedy Center board moves to name grounds ‘President Donald J Trump Plaza’
“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.
