1. I still hope we eventually reach the point where monetary policy decisions by the Fed & the rest of the world's central banks will be set by transparent algorithms rather than the judgments of individual unelected bureaucrats.
I recognize that we may not be quite there yet. At the same time, our lack of understanding of monetary policy is equally a problem with the current system. And if there is a strong consensus that the algo is running off the rails, it can be revised.