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According to the minutes of the latest Fed meeting, their staff economists believe that weaker than expected economic growth will result in “the projected path of the unemployment rate rising more steeply into early next year before flattening out at a high level over the rest of the year.”  An artist’s conception of unemployment growing steeply all the way through the first quarter of 2010 is shown below.  I sure hope the Fed economists are just kidding about this.

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