St. Louis Fed President James Bullard on Wednesday said the U.S. economy could recovery strongly by the autumn. In a teleconference with reporters, Bullard said the U.S. economy will experience "unprecedented" weakness in the second quarter as the economy shuts down to protect lives. By July, there could be a "transition" time where some businesses reopen while others remain closed. By October, work could resume on projects delayed since the spring, leading to a possible "boom" period that lasts into 2021, he said. Bullard said the economy was like a car on the highway that comes upon a construction zone. The car has to slow down to navigate the twists and turns, but there is nothing inherently wrong with the engine, he said.