The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

Sunday, March 22, 2020

Virus News: Fed’s Bullard Says Jobless Rate May Soar to 30% - Bloomberg

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.

via www.bloomberg.com

Good lord.

https://rightcoast.typepad.com/rightcoast/2020/03/virus-news-feds-bullard-says-jobless-rate-may-soar-to-30-bloomberg.html

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