Federal Reserve Chairman Jerome Powell said that the country “may well be in a recession,” in response to a question from Savannah Guthrie on NBC’s “Today” show.

Guthrie defined a recession as “two straight quarters of negative growth.” While the definition of the term varies, the chairman did not dispute it.

Powell did point out a difference between, what he called, a “normal recession” and what the U.S. economy is currently experiencing.

“There’s nothing fundamentally wrong with our economy,” Powell said. People are being asked to stop economic activity to slow the virus, he said, Powell explained if the U.S. can get the pandemic under control, the economy could recover.