US Economy Will Not Recover Until 2022, Fed Survey Says

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