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.
Report Accompanying the Senate Armed Service’s Committee’s Draft of FY 27 NDAA
English Summary
The proposed FY27 National Defense Authorization Act authorizes a substantial, historic increase in defense spending to maintain American deterrence against a complex global threat environment. This funding is justified by the rise of an 'axis of aggressors' (including China, Russia, and Iran) and the shift toward sophisticated, remote warfare utilizing AI, space weapons, and cognitive conflict. Strategically, the NDAA mandates modernizing military capabilities by shoring up traditional platforms while aggressively adopting emerging technologies. Furthermore, the legislation includes reforms designed to streamline Pentagon budgeting, ensuring that increased investment is efficiently allocated for 21st-century readiness.
中文摘要
擬議的財政年度 2027 年《國防授權法案》旨在大幅且歷史性地增加國防開支，以維持美國在全球複雜威脅環境中的嚇阻能力。此項資金投入的基礎是「侵略者軸心」（包括中國、俄羅斯和伊朗）的崛起，以及戰場轉向利用人工智慧（AI）、太空武器和認知衝突等精密的遠程作戰模式。從戰略角度來看，該法案要求透過鞏固傳統軍事平台與積極採納新興技術來現代化軍事能力。此外，該立法還包含旨在簡化五角大廈預算編列的改革措施，確保增加的投資能夠高效分配，以應對 21 世紀的戰備需求。
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