Dallas Fed President Robert Kaplan said the recession will be so severe that the unemployment rate will likely end the year as high as 8%-10%. In an interview with the Fox Business Network, Kaplan said the contraction in second quarter GDP could be as much as 30% on an annualized basis. Kaplan said he thinks the economy will recover partially in the third and fourth quarter but annual growth will still contract in a range of 4.5% to 5%. The Fed’s interest rates will stay “low for longer” and the central bank “is going to need to do more in terms of other actions to bridge this period,” Kaplan said. The Dallas Fed president is a voting member of the Fed’s interest-rate committee this year.