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.
SECNAV Phelan Stands up 5 New Offices for Navy, Marine Acquisition
English Summary
The Navy is undertaking a major acquisition reform by establishing five Portfolio Acquisition Executives (PAEs) to streamline how it buys and sustains military platforms. This restructuring centralizes authority by granting the PAEs direct control over technical contracting and sustainment, effectively bypassing traditional layers within large systems commands. Strategically, this move flattens the decision-making chain, transferring mission-critical functions and decision-making power closer to program managers. The ultimate goal is to significantly improve responsiveness and accelerate the delivery of fully integrated capabilities to the fleet.
中文摘要
海軍正在進行一項重大的採購改革，透過設立五位投資組合採購主管（Portfolio Acquisition Executives, PAEs），以簡化其採購和維護軍事平台的方式。此重組將權力集中化，賦予PAEs直接控制技術合約和持續支援的能力，從而有效地繞過大型系統司令部內傳統的層級結構。從戰略角度來看，此舉扁平化了決策鏈，將任務關鍵功能和決策權力更靠近計畫經理。最終目標是顯著提高反應能力，並加速向艦隊交付完全整合的戰力。
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