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Powell: Recovery may begin by summer, will likely be slow

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Federal Reserve Chair Jerome Powell expressed optimism that the U.S. economy can begin to recover from a devastating recession in the second half of the year, assuming the coronavirus doesn't erupt in a second wave.

But he suggested in an interview with CBS's "60 Minutes" that a full recovery won't likely be possible before the arrival of a vaccine.

Powell noted that the economy was fundamentally healthy before the virus struck suddenly and forced widespread business shutdowns and tens of millions of layoffs.

He said that once the outbreak has been contained, the economy should be able to rebound "substantially

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