Economist tells CNBC it's 'more likely than not' that we're headed towards recession

Appearing on CNBC's Squawk on the Streetthis 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: