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.
Fiscal Year 2027 Navy Unfunded Priority List to Congress
English Summary
The Navy has formally submitted its Fiscal Year 2027 unfunded priority list to Congress, detailing critical capabilities and programs that fall outside the scope of the primary budget request. This annual submission serves as the service's formal argument for necessary modernization and force structure enhancements required to maintain operational readiness. The list highlights potential strategic gaps or resource shortfalls that, if unfunded, could impact the fleet's ability to meet projected geopolitical challenges. Policymakers must address these priorities to ensure the Navy can sustain its required level of combat power and global presence.
中文摘要
海軍已正式向國會提交了其2027財政年度未經撥款優先項目清單，詳細列出了超出主要預算申請範圍的關鍵能力和計畫。這份年度提交文件是該軍種為維持作戰準備度（operational readiness）所需的現代化和兵力結構提升的正式論證。該清單強調了潛在的戰略缺口或資源短缺，若無法獲得經費支持，可能影響艦隊應對預期地緣政治挑戰的能力。政策制定者必須正視這些優先事項，以確保海軍能夠維持其所需的戰鬥力水平和全球戰力投射能力。
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