- Inflation-adjusted gross domestic product (real GDP) is expected to decline by about 12 percent during the second quarter, equivalent to a decline at an annual rate of 40 percent for that quarter.
- The unemployment rate is expected to average close to 14 percent during the second quarter.
- Interest rates on 3-month Treasury bills and 10-year Treasury notes are expected to average 0.1 percent and 0.6 percent, respectively, during that quarter.
- The federal budget deficit is projected to be $3.7 trillion.
- Federal debt held by the public is projected to be 101 percent of GDP by the end of the fiscal year.
Federal reserve GDP forecast is -42.8% for Q2
https://www.frbatlanta.org/-/media/documents/cqer/researchcq/gdpnow/RealGDPTrackingSlides.pdf
Of course both forecast a miracle occurring in Q3 with an almost full recovery by the end of Q4 2020.
The 101% of GDP to Federal debt is of course a brand new issue,but one that has built up over 60+ years of spending more than tax revenue.
Inflating the fed note 2+% a year may have given us time for awhile. That is no longer going to work...not since we have crossed 101%.