The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
Judge Finds DHS Violated the Law By Freezing Legal Immigration
English Summary
A judge ruled that the Department of Homeland Security (DHS) unlawfully froze legal immigration benefits for citizens of 39 countries by violating the Immigration and Nationality Act (INA) and the Administrative Procedure Act. The court found that USCIS lacked statutory authority to halt adjudications and engaged in discriminatory practices, citing a lack of rational connection to national security concerns and inconsistent application of policies. This decision highlights significant mismanagement and potential fraud within DHS, with over $1 billion in fees collected without processing applications. The ongoing freeze on legal immigration, combined with State Department restrictions, continues to severely impact legal immigration flows, creating substantial challenges for the economy and workforce.
中文摘要
一位法官裁定，美國內政部（DHS）違反《移民與國籍法》（INA）和《行政程序法》，非法凍結了來自39個國家公民的合法移民福利。法院裁定，美國公民服務局（USCIS）缺乏法定權限來暫停審理，並指控其存在歧視性做法，理由是缺乏與國家安全關聯的合理性，以及政策應用不一致。此判決凸顯了DHS內部的重大管理不善和潛在詐欺問題，超過10億美元的費用在未處理申請的情況下被收取。合法移民的持續凍結，再加上州務卿的限制，繼續嚴重影響合法移民的流動，為經濟和勞動力造成了重大的挑戰。
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