Appearing on CNBC's Squawk on the Street this Monday, Mark Zandi of Moody's told host David Faber that the chances of the U.S. heading into a recession are "more likely than not."
As the Dow and S&P reported their worst day since 2011, Faber asked Zandi how the dampened economic activity as a result of the coronavirus will play out in the near future.
"More likely than not, I'd say at this point are well over even -- if you priced me, I'd say 60-65 percent," Zandi said, referring to the chances of a recession. "I think it's going to be very difficult to avoid a downturn."
Zandi added that when it comes to how deep or severe the recession will be, that will depend on the Trump administration and Congress.
Watch the full segment below:
Q: Let me just start with the prospect of a recession. What chances do you think we're going to have one and how de… https://t.co/eLCRZpzCZ1— Kyle Griffin (@Kyle Griffin) 1583770803.0