Monday☕️

Earth Intelligence

25 Sep 2023 — 4 min read

Trending:

U.S. Drone Ships in the Pacific
Federal Reserve Layoffs

Markets:

Five years of S&P 500 performance:

Five years of Apple performance:

Five years of Gold performance:

Five years of Bitcoin performance:

U.S. Drone Ships in the Pacific

Two U.S. prototype drone ships have docked in Japan, marking their first mission in the western Pacific. These vessels will enhance the Navy's capabilities to monitor and potentially counter China's expanding fleet. U.S. Navy Cmdr. Jeremiah Daley mentioned that these autonomous ships can work alongside traditional vessels, improving efficiency. For instance, a combination of a destroyer and two unmanned vessels might replace the need for three destroyers.
The unmanned ship, Ranger, designed initially for the oil sector, is about 190 feet long and looks like a flatbed truck. Stationed at Yokosuka port near Tokyo, the Ranger can be equipped with missile modules. Despite not currently having missiles, it demonstrated its missile-launching ability in a 2021 test.
China's naval presence has grown, with more frequent Pacific expeditions, raising concerns. Responding to China's advancements, the Pentagon plans to bolster its investments in AI, drones, and autonomous systems. The Ranger is among six U.S. drone ships from the Ghost Fleet Overlord project, which began in 2018. These ships are believed to offer cost-effective operations within enemy territories, allowing manned ships to stay at safer distances.
The U.S. has also deployed smaller drone boats in the Middle East to oversee Iran's naval activities, partnering with countries like Saudi Arabia and Israel. These American drone ships are larger and more advanced than Middle Eastern counterparts. While they can operate autonomously, some, like the Ranger, had crew onboard during their journey to Japan for supervision and data collection.

Federal Reserve Layoffs:

The U.S. Federal Reserve is reducing its staff by 300 this year, marking an unusual decrease for an entity that has seen consistent growth since 2010 due to its amplified involvement in the economy and regulation.
The majority of these reductions will occur in the Fed's 12 regional banks, targeting IT roles, some of which have become obsolete due to the adoption of cloud technologies, and roles related to the Fed's payment processing systems, which are undergoing consolidation. A representative from the Fed highlighted that these reductions would be a mix of both retirements and layoffs.
Official documents indicate that from 2022 to 2023, the overall staff count for the Federal Reserve, including regional banks and other units, will decrease from 24,428 to 23,895. However, due to hiring delays and higher-than-expected departures in 2022, especially in bank supervision roles, the actual number of layoffs will be fewer than initially projected.

Statistic: