Fed's Bullard: April jobs report will be one of the worst on record

The Federal Reserve's programs have been successful so far, St. Louis Federal Reserve President James Bullard told CNBC on Wednesday.

Bullard further argued that the main economic impact of coronavirus-related shutdowns will be observed in the second quarter. "April jobs report will be one of the worst on record," Bullard added. "The unemployment rate could hit 20% or go even higher."

Market reaction

Although the US stock index futures erased a portion of its earlier gains during Bullard's interview, investors seem to be reacting to the ADP Employment Change data, which plunged to -20.2 million in April. As of writing, the S&P 500 futures were still up 0.4% on the day.