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

St. Louis Fed chief calls for maximum support for economy
‘Everything is on the table’ for Fed to provide support

Video player cover image — LISTEN: Bullard predicts the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus.Source: Bloomberg

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March 22, 2020, 7:18 PM UTCUpdated onMarch 22, 2020, 7:47 PM UTC

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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.