Economics
Fed Officials See More Moves Ahead Dire Economic Outlook
- Bullard says unemployment could skyrocket to 30% next quarter
- Fed ‘far from out of ammunition,’ Minneapolis’s Kashkari says
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Two crisis-veteran Federal Reserve officials said the central bank has plenty of room for more moves following a flurry of action last week to cushion the economic wallop from coronavirus-related shutdowns, flagging corporate bonds and state and local governments as two areas for potential assistance.
“Everything is on the table” for the Fed as far as additional lending programs, St. Louis Fed President James Bullard, who took office in April 2008, said in a telephone interview Sunday. He warned U.S. unemployment may hit 30% in the second quarter, with an unprecedented drop in gross domestic product that he said could halve to $2.5 trillion during the three-month period.