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St. Louis Fed President Estimates Unemployment Will Reach 30%

Federal Reserve Bank of St. Louis President James Bullard suggests that unemployment levels may shoot up as high as 30% in the second quarter (April-June 2020) following COVID-19-related business shutdowns, according to Bloomberg. On Sunday (3/22) Bullard stated the following,

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“Everything is on the table. 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.”

Bullard continued,

“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. It is a huge shock and we are trying to cope with it and keep it under control.”

As of the publishing of this article, total coronavirus cases worldwide have surpassed 300,000. In the United States, there are 33,889 confirmed cases and 428 deaths. Cities and regions across the U.S. are legally insisting non-essential businesses close their doors for the time being.

Bullard also stated,

“It is totally stupid to lose a major industry because of a virus. Why would you want to do that?”

Chuck Schumer, head of the Senate Democrats, suggested in a tweet yesterday that the Dems and Republicans are still not seeing eye to eye on a financial relief plan on how to move forward.

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Source: www.bloomberg.com

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