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Consequentially, we'll have broken monetary policy for at least another generation. I saw an article last week with a headline saying, "Fed's Powell says up to 1.5 million people will become unemployed under current policy." I believe his estimate is ambitious given the blunt force that's being used. It's a perverse plan, running a foul of the principle and spirit of the Full Employment and Balanced Growth Act from which the policy comes. It just doesn't have to be this way.

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