The Dow Jones Industrial Average dropped over 500 points on Wednesday after Federal Reserve Chair Jerome Powell stated a “sharp decline” of unemployment is expected. However, he warned it will take time to return the country’s economy to the pre-crisis level. He also insisted the bank will not consider rates below zero despite the fact that “there are fans” of such policy. Federal Reserve Chair Jerome Powell estimated on Wednesday the unemployment rate in the United States will reach its peak over the next month. As the US is slowly resuming business activities, Powell said a “sharp decline” of unemployment is expected. However, he warned it will take time to return the country’s economy to the pre-crisis level. Powell emphasized it will take a couple of months for the economic recovery to materialize, but added the recovery rate could be slower than the Fed would like it to be. The Dow lost 505 points at 11:58 am ET as Raytheon led the losses falling by 6.05%. At the same time, the S&P 500 sank 1.65% while the Nasdaq 100 was down 1.16%.