US Economy Will Not Bounce Back Until 2022, Fed Survey Says 33 percent of participants believe
it won't recover until
2022's second quarter. Respondents in the CNBC survey add that
trillions of more dollars will be needed
for the recovery from COVID-19. By August, they see the United States'
unemployment rate peaking at
19 percent. For this quarter, respondents also
see America's gross domestic product
dropping an average of 24 percent. Despite rebounds in the following quarters, the GDP is predicted to be down five percent for 2020. Participants add that the Federal Reserve’s balance sheet will jump to $9.8 trillion from $6.45 trillion. Congress has currently committed
$2.5 trillion to help the economy
return to normal. John Kattar, via CNBC US Energy Advisors' Rob Morgan predicts a "v-shaped recovery" starting in the third quarter this year. Rob Morgan, via CNBC For the economy to really gain traction,
Moody’s Analytics' Mark Zandi says
that depends on a vaccine. Mark Zandi, via CNBC