Speaking in an online discussion with Princeton University economist Alan Blinder, a former vice chairman of the Fed, Powell said there is "tremendous inequality" in how the health crisis and the steep recession it has caused is affecting Americans.

"If you were someone who made $40,000 or less annually, the chances of your being laid off in the last month or so approached 40%," said Powell, who pointed to women in low-paid service-sector jobs as one particularly vulnerable group. "So almost 40% of those people have lost a job."