The business shutdowns caused by the
coronavirus pandemic could "easily" cause the US economy to collapse by 20 to 30 percent this quarter,
Federal Reserve Chairman
Jerome Powell said on Sunday.
Although
unemployment could peak at 20 to 25 percent, a level not seen since the 1930s, Powell said the country will avoid another depression.
"I think there's a good chance that there'll be positive growth in the third quarter," Powell told the CBS program "60 Minutes.