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.
U.S. Navy Stands Up 2 Australian Commands in Support of American, U.K. Subs
English Summary
The U.S. Navy established two new commands at HMAS Stirling in Western Australia—Submarine Squadron 3 and Naval Support Activity Stirling—to support Submarine Rotational Force-West (SRF-West), a trilateral AUKUS initiative enabling U.S. and U.K. nuclear submarines to operate from Perth beginning in 2027. This infrastructure will maintain up to five rotational submarines while building Australia's indigenous maintenance workforce and supporting its development of a sovereign nuclear-powered attack submarine fleet under AUKUS Pillar 1. The arrangement enhances U.S. submarine readiness and regional presence in the Indo-Pacific while reducing burden on U.S. shipyards, as demonstrated by recent successful maintenance of HMS Anson using local Australian suppliers and advanced manufacturing techniques. This model establishes sustainable trilateral submarine operations aligned with non-proliferation standards and accelerates Australia's capability to own, operate, and maintain its own SSNs.
中文摘要
美國海軍在西澳的HMAS Stirling設立了兩個新司令部——潛艇中隊3和海軍支援設施Stirling——以支持「潛艇輪調部隊-西部」（SRF-West）。這是一個三邊合作的AUKUS倡議，將使美國和英國的核動力潛艇從珀斯開始運營，時間為2027年。此基礎設施將能夠維護多達五艘輪調潛艇，同時建立澳洲本土維護人才，並支持其根據AUKUS第一支柱發展自主的核動力攻擊潛艇艦隊。此安排提升了美國的潛艇戰備狀態和在印太地區的區域存在感，同時減輕了美國船廠的負擔。這體現在近期成功利用本地澳洲供應商和先進製造技術維護了HMS Anson。此模式建立了一種符合不擴散標準的可持續三邊潛艇運營機制，並加速了澳洲擁有、操作和維護自身SSN（核動力攻擊潛艇）的能力。
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