As I indicated previously, right now the staff is updating our economic outlook. The last monetary policy report gave two quite different scenarios, one more optimistic and one quite dire. Now that the economy has stabilized and is starting to reopen, while there is still a lot of uncertainty out there and particularly a lot of uncertainty about the course of the pandemic, that range of uncertainty is narrowing. Our intention is to provide at least a central scenario in the next monetary policy report. At that point, we'll be able to say more about what the size of the output gap is.
I would say, though, that one thing that is very unique about this crisis is that there are important both supply and demand effects. By locking down the economy, we have shut down supply in large parts of the economy. As that supply reopens, our expectation is that demand will not reopen as much as supply, so there will be a sizable output gap. There will be a lot of uncertainty about that, but we will begin to provide some estimates.