Powell predicts large GDP drop

Federal Reserve Chairman Jerome Powell said U.S. gross domestic product could shrink by as much as 30%.

In part of an interview with "60 Minutes" that did not air, Powell said shrinkage of U.S. economic growth "could easily be in the 20s or 30s," according to a CBS transcript.

Asked whether another Great Depression is coming, Powell said the scenario has been made unlikely by an activist Fed and a Congress that already has passed close to $3 trillion in rescue funds.

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