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Ohio State's Woody Hayes used to say that his problem with the forward pass was that "Three things can happen, and two of them are bad." Well, after Chairman Powell's testimony last week, the FOMC may find itself in a similar position, only maybe worse. The Committee can do three things - lower rates, keep rates steady, or raise rates - and in this case all three options have potentially negative consequences. Let us consider the kinds of fallout that might occur from each, starting with the easiest option, raising rates.