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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

James Bullard

Photographer: Luke MacGregor/Bloomberg

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.