The nation’s former top central banker called the damage “absolutely shocking.” The head of America's largest bank said he’s preparing for financial dysfunction similar to 2008. And a gauge of consumer sentiment showed soaring angst across the economy.

New warnings mounted throughout Monday, signaling turmoil ahead for the economy despite a surprise resurgence in the stock market. The signs of economic distress point to deeper trouble in the months ahead as the coronavirus crisis worsens in cities outside New York and New Jersey.


“This is a huge, unprecedented, devastating hit,” former Federal Reserve Chair Janet Yellen said on CNBC, adding that the unemployment rate is already likely 12 or 13 percent “and moving higher” as millions of Americans are tossed out of work every week. She predicted a hit to GDP from April to June that if sustained for a year would shrink the economy by 30 percent.