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.
New Pentagon Unmanned Czar Will Oversee Most Drone Programs, Memo Reads
English Summary
The Pentagon has established the Direct Reporting Portfolio Manager for Unmanned Systems (DRPM-UxS), creating a centralized authority to oversee and direct all drone programs across the Department of Defense. This structural reorganization consolidates development, procurement, and operationalization efforts into one office, allowing it to manage systems across air, sea, and ground domains. The move is justified by the need for the U.S. military to rapidly match the scale at which adversaries are fielding unmanned technologies. Strategically, this centralization aims to accelerate the fielding of autonomous capabilities, ensuring the U.S. maintains a decisive technological edge in future conflicts.
中文摘要
美國國防部（Pentagon）已設立無人系統直接報告投資組合經理（Direct Reporting Portfolio Manager for Unmanned Systems，簡稱 DRPM-UxS）。此舉旨在建立一個中央權威機構，負責監督和指導國防部所有無人機計畫。這項結構性重組將開發、採購和實戰化等工作整合至單一辦公室，使其能夠管理橫跨空域、海域和地面等多個領域的系統。此舉的動因是美國軍方必須迅速匹配敵對勢力部署無人技術的規模。從戰略角度來看，這種集中化旨在加速自主能力的部署，確保美國在未來衝突中保持決定性的技術優勢。
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