Fed’s Bullard: U.S. Economy Might See ‘Boom’ by Autumn After ‘Unprecedented’ Weakness in Second Quarter

by Greg Robb
Market Watch

St. Louis Fed President James Bullard on Wednesday said the U.S. economy could recovery strongly by the autumn. In a teleconference with reporters, Bullard said the U.S. economy will experience “unprecedented” weakness in the second quarter as the economy shuts down to protect lives. By July, there could be a “transition” time where some businesses reopen while others remain closed. By October, work could resume on projects delayed since the spring, leading to a possible “boom” period that lasts into 2021, he said. Bullard said the economy was like a car on the highway that comes upon a construction zone. The car has to slow down to navigate the twists and turns, but there is nothing inherently wrong with the engine, he said.

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