- Analytics
- News and Tools
- Market News
- Unemployment could reach 30% in the U.S. - St. Louis Fed chief Bullard
Unemployment could reach 30% in the U.S. - St. Louis Fed chief Bullard
Bloomberg reports that 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.
Bullard also said he expects an unprecedented 50% plunge in gross domestic product.
"Everything is on the table," he said, referring to additional lending programs from the Federal Reserve. "There is more that we can do if necessary... There is probably much more in the months ahead depending on where Congress wants to go."
With the appropriate measures, Bullard said he's looking for activity to rebound quickly.
"I would see the third quarter as a transitional quarter," with the following six months "quite robust" as Americans ramp up consumerism. "Those quarters might be boom quarters," he said.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
