'We should prepare for the worst-case scenario,' Neel Kashkari cautioned.
the current government strategy of stringent social distancing. They have argued that the economic damage could be greater than the risks of coronavirus. However, health experts and doctors have noted that social distancing measures and shutting down large sectors of the economy are the only way to save hundreds of thousands, and potentially millions, of lives.
James Bullard, president of the Federal Reserve Bank of St. Louis, told Bloomberg News in late March that he projected unemployment could reach 30 percent, while GDP could drop by 50 percent. Treasury Secretary Steven Mnuchin had previously warned Republicans that it could rise as high as 20 percent.
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