(40bb) Process Control Practitioner's Approach to Solving Trillion$ Problem in US Economy

Federal Reserve Board makes Monetary Policy (Fed Funds Rate) Decisions primarily based on the Inflation Data and the Unemployment Data with a mandate to control Inflation below 2%, keeping Unemployment rate as low as possible. The timing and magnitude of these decisions has been in question for decades. According to Nobel Laureate Milton Friedman Fed has done more harm than good. Question then arises that are we better off with Manual Control of Monetary Policy? or does US need objective (free from political influence) supervised Closed Loop Controller? As a Process control practitioner, we will be identifying certain key variables as opposed thousands of variables tracked by Research Team at Federal Reserve Board to make such a monetary decision and its implications on US Economy and the Stock Market affecting public at large.