(https://www.cnbc.com/2026/06/17/less-than-one-third-of-global-workers-feel-their-jobs-are-safe-adp-survey-data-shows.html) — even as unemployment sits at historic lows. This is the inversion Warsh's Fed has no tool for. Rates stay high, unemployment stays low on paper, but worker psychology is already pricing in a different future.

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