U.S. Jobless Rate May Soar to 30%, Fed’s Bullard Says

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  1. truebluefan

    truebluefan Administrator Staff Member Administrator

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    Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.

    Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to ensure a strong eventual U.S. recovery, adding the Fed would be poised to do more to ensure markets function during a period of high volatility.

    “Everything is on the table” for the Fed as far as additional lending programs, Bullard said in a telephone interview Sunday from St. Louis. “There is more that we can do if necessary” with existing emergency authority. “There is probably much more in the months ahead depending on where Congress wants to go.”

    Read more https://www.bloomberg.com/news/arti...rd-says-u-s-jobless-rate-may-soar-to-30-in-2q
     
  2. truebluefan

    truebluefan Administrator Staff Member Administrator

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    Dow Futures Crash 1,000 Points as Fed’s Bullard Cites -50% U.S. GDP

    St. Louis Fed President James Bullard epitomized the unprecedented rhetoric we are seeing, as he claimed that GDP could fall 50% in Q2, with unemployment at 30%.

    This exceeds the already dire prediction of Treasury Secretary Stephen Mnuchin, who warned that the unemployment rate could hit 20%. It’s also far worse than a recent forecast by Goldman Sachs, which cited a possible 24% drop in GDP.

    read more https://www.ccn.com/dow-futures-crash-1000-points-as-feds-bullard-cites-50-u-s-gdp/
     

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