In response to the COVID-19 pandemic, lawmakers have asked Americans to stay at home and have forced businesses to close to slow the spread of the virus.
The official unemployment rate was 4.4 percent in March 2020, up from 3.5 percent in February. That increase was the largest of any month since January 1975.
Powell noted that the current economic expansion is the longest on record and emphasized the need to consider the long-term implications of fiscal policy.
President Trump released his fourth budget, which outlines the administration's policy proposals, budget projections, and economic forecast for the next decade.
Growth was lower in 2019, and contributing factors to include a slowing in the growth of nonresidential investment and slower growth in the consumption.