U.S. unemployment to shoot up while GDP declines in 2nd quarter

The U.S. unemployment rate will shoot past 10% in the second quarter while the country's gross domestic product will decline by more than 7% as the coronavirus crisis tightly grips the U.S. economy, according to projections released by the Congressional Budget Office on Thursday.

Interest rates on 10-year Treasuries will likely be below 1% during the quarter as well, according to the office, which provides nonpartisan economic analysis to the U.S. Congress. The CBO said its projections were based on information available through March 27 and that it is currently working on new estimates factoring in more recent information on the crisis, which "has been more negative than anticipated."