U.S. Fed chair Powell says Q2 GDP could shrink more than 30 percentChristian Fernsby ▼ | May 19, 2020
U.S. Federal Reserve Chairman Jerome Powell said in an interview with CBS News that the U.S. economy could shrink more than 30 percent in the second quarter.
Chairman Jerome Powell
Topics: U.S. GDP
Powell, however, said it's a reasonable expectation that there'll be growth in the second half of the year.
The Fed chair said unemployment rate could peak around 20 percent or 25 percent, while noting that the likely outcome is not another Great Depression. "There're some very fundamental differences," he said. ■