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The US economy past the initial shock from the coronavirus pandemic and the main impact is likely to be felt in the second quarter, St. Louis Federal Reserve President James Bullard told Fox Business on Tuesday.

Bullard further noted that he expects the unemployment rate to come under double digits by the end of the year.

Market reaction

These comments were largely ignored by market participants. As of writing, the US Dollar Index was down 0.75% on the day at 99.05. Meanwhile, Wall Street’s three main indexes were up between 0.7% and 2.65%.