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.
Investing in National Assets for Quantum Commercialization
English Summary
The United States must significantly increase and sustain national investment in quantum information science and technology (QIST) to maintain its competitive edge against global rivals like China. The report identifies critical gaps in aging federal research facilities at NIST and the Department of Defense, alongside a lack of shared-use infrastructure like testbeds and foundries necessary for commercial prototyping. Strategic recommendations include establishing a long-term funding framework for tech infrastructure, creating an interconnected national network of regional quantum ecosystems, and providing stable government demand signals to encourage private sector R&D.
中文摘要
美國必須大幅增加並持續對量子資訊科學與技術（QIST）的國家投資，以維持對中國等全球競爭對手的競爭優勢。報告指出，美國國家標準暨技術研究院（NIST）和國防部老化的聯邦研究設施存在關鍵缺口，且缺乏商業原型開發所需的試驗場與代工廠等共用基礎設施。策略建議包括：建立技術基礎設施的長期資助框架、構建區域量子生態系統的互連全國網絡，以及提供穩定的政府需求信號以鼓勵私營部門的研發。
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