Federal Reserve Chairman Jerome Powell threw some cold water on the notion of a quick snap-back for the economy and job markets in the wake of the Coronavirus. He argued that policymakers may have to use additional weapons to pull the country out of a crisis that has cost at least 20 million jobs and caused “a level of pain that is hard to capture in words.”

This doesn’t bode well for many sectors like travel and dining and will make it very difficult for jobs to come back quickly.