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Fed’s Bullard Sees 30% Jobless Rate Amid COVID-19

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A key Federal Reserve policymaker predicts the nation’s unemployment rate could hit 30-percent amid the coronavirus pandemic.

Federal Reserve Bank of St. Louis President James Bullard tells Bloomberg News he also expects a 50-percent drop in gross domestic product in the second quarter.

Bullard said “everything is on the table” when it comes to additional lending programs from the central bank. Looking ahead, he expects the economy to begin to rebound sometime later this year.

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