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.
Latest Waiver Is Another Indictment of the Jones Act
English Summary
The CATO Institute argues that the Trump administration's 60-day Jones Act waiver for energy and fertilizer shipments is an implicit admission that the law itself is a supply chain impediment rather than a national security asset. The article notes that only a tiny fraction of global vessels comply with the Jones Act—zero oceangoing dry bulk ships for fertilizer, one LNG tanker, and just 54 oil tankers out of nearly 7,500 worldwide—while US shipbuilding is in 'near total collapse' and the Jones Act-compliant fleet has halved since 1980. CATO contends that rather than relying on legally questionable temporary waivers, Congress should repeal the Jones Act entirely to permanently lower shipping costs, strengthen supply chains, and develop a more effective maritime policy.
中文摘要
卡托研究所主張，川普政府針對能源及肥料運輸發布的60天《乾斯法案》豁免令，實質上等同承認該法律本身是供應鏈的阻礙，而非國家安全資產。文章指出，全球僅極少數船舶符合《乾斯法案》規定——肥料用遠洋散裝船為零、液化天然氣船僅一艘、油輪在全球近7,500艘中僅54艘——而美國造船業已「近乎全面崩潰」，符合該法案的船隊規模自1980年以來已減半。卡托研究所認為，與其依賴法律上存疑的臨時豁免措施，國會應徹底廢除《乾斯法案》，以永久降低航運成本、強化供應鏈，並制定更具成效的海事政策。
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