The US economy is going through an unprecedented recession and a recovery will take time. Even so, you don't want to bet against America's economy, said Federal Reserve Chairman Jerome Powell on CBS News' "60 Minutes" on Sunday.
Business ground to a halt this spring as people stayed home and companies shut down to stop the spread of Covid-19. Mass layoffs forced 36.5 million Americans to file first-time claims for jobless benefits since mid-March.
Recovering from this will take some time.
"But I would just say this. In the long run, and even in the medium run, you wouldn't want to bet against the American economy," Powell said in a prime-time interview.
"This economy will recover. And that means people will go back to work. Unemployment will get back down. We'll get through this," he said.
Read more about the interview here: