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.
Postal Service Out of Cash
English Summary
The U.S. Postal Service (USPS) is in a severe financial crisis, losing money annually since 2007 due to declining mail volumes and intense competition, with structural reforms hindered by Congress. Postmaster General David Steiner has proposed closing unprofitable retail locations and reducing delivery frequency. However, the CATO Institute advocates for privatizing the USPS to enable greater efficiency, allow it to compete on a level playing field, and adapt its services to modern communication demands.
中文摘要
美國郵政署（USPS）正陷於嚴峻的財務危機。自 2007 年以來，受郵件業務量持續萎縮及市場競爭加劇之影響，該署已連續多年錄得虧損，而其結構性改革進程則因國會之干預而面臨重重阻礙。郵政署長戴維·斯坦納（David Steiner）提議關閉不具營利能力之零售據點並調降投遞頻率。然而，卡托研究所（CATO Institute）則主張推動美國郵政署之民營化，旨在提升營運效率、建構公平的競爭環境，並使其服務能更有效地因應現代通訊之需求。
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