Fed Chair: US Is Seeing Worst Economy In Its History

CNN reports:

How bad is the coronavirus economy? The worst ever, says Fed Chairman Jerome Powell. “We are going to see economic data for the second quarter that is worse than any data we have seen for the economy,” Powell said. “There are direct consequences of the disease and measures we are taking to protect ourselves from it.”

The recovery will be long and painful, but the economy could begin to bounce back significantly in the third quarter as businesses reopen, he added. “While we won’t go back to pre-coronavirus levels for quite some time, the third quarter could provide some economic relief.”