6 Fed officials spoke out last week about the looming economic recovery. Here’s why they expect it to be bumpy and pose new risks.

REUTERS/Brian Snyder

The St. Louis Fed chief was relatively outspoken about his projected timeline for recovery. James Bullard appeared on CNBC Wednesday to offer his relatively optimistic estimates, noting that the entire coronavirus threat could fade by the end of the year.

“In the third quarter, it’ll be a transition quarter, but I would expect relatively rapid growth,” James Bullard said. “And then, hopefully by the time we get to the fourth quarter, we’ll be finishing up this process.”

Bullard echoed his Atlanta peer while speaking with the National Association of Business Economists on Tuesday. He noted that economic aftershocks are an inevitable part of issuing trillions of dollars of aid in a matter of weeks, and added that he doesn’t want the Fed’s easing to last longer than necessary.

“When you’re in a crisis like this you’re always waiting for other shoes to drop,” Bullard said. “I don’t want to be in this situation too long. You are taking the risk of a prolonged downturn, even a depression, and you are taking the risk of a financial crisis.”

Read more:These 22 well-known companies could get acquired as coronavirus batters their businesses, BTIG says