Economics
Fed’s Bullard Sees Jobless Rate Returning Below 10% by Year-End
- Expects strong rebound to follow record quarterly contraction
- Warns that shuttered firms could send economy into depression
James Bullard
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. economy will recover from the highest unemployment since the 1930s with a rapid rebound that will push the jobless rate below 10% by December.
Bullard, in a television interview Tuesday with Fox Business Network, said the business shutdowns imposed due to Covid-19 can’t go on too long without risking much worse economic outcomes.