From emergency cuts to interest rates to providing capital for businesses, the Federal Reserve has taken numerous steps to curtail the economic fallout from COVID-19.

But even with various relief efforts from Congress and the central bank, many small businesses and consumers could take a while to recover, according to Robert Kaplan, president and CEO of the Federal Reserve Bank of Dallas. Kaplan spoke with “Marketplace” host Kai Ryssdal about how the Fed is navigating the pandemic, and what the economy will look like when it’s over.

“By the end of the year, we’ll have a higher unemployment rate than we did going into it. And we’ll have to spend 2021 working that down,” Kaplan said. “That’ll be a different situation, very different than the one we’ve been experiencing the last two or three years.”

Click the audio player above to hear the interview.