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My DCMA: Taylor Peterkin, lead QAS
WASHINGTON, Oct. 19 -- The Defense Contract Management Agency issued the following news:
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My DCMA: Taylor Peterkin, lead QAS
*
My DCMA showcases the Defense Contract Management Agency's experienced and dedicated workforce and highlights what being part of the national defense team means to them. Today, Taylor Peterkin shares his story.
My name is Taylor Peterkin, and this is "My DCMA." I am a lead quality assurance specialist at DCMA Northeast, which is a part of the Geographic & Systems Support Command. I am based in Buffalo, New York.
My job duties include co-leading a team of eight ... Show Full Article WASHINGTON, Oct. 19 -- The Defense Contract Management Agency issued the following news: * * * My DCMA: Taylor Peterkin, lead QAS * My DCMA showcases the Defense Contract Management Agency's experienced and dedicated workforce and highlights what being part of the national defense team means to them. Today, Taylor Peterkin shares his story. My name is Taylor Peterkin, and this is "My DCMA." I am a lead quality assurance specialist at DCMA Northeast, which is a part of the Geographic & Systems Support Command. I am based in Buffalo, New York. My job duties include co-leading a team of eightquality assurance professionals, assigning surveillance workloads and performing risk assessments on contractor manufacturing processes, conducting data analysis, and providing technical guidance and mentorship to journeymen quality assurance specialists.
I track team deliverables, review complex reports, including Process Evaluations and Quality Management System Audits, and negotiate letters of delegation, also known as LODs, with our internal and external partners. In addition, I serve as a subject matter expert for our multiple NASA projects, managing 16 letters of redelegation and executing all technical surveillance actions deemed critical by our NASA customers, resulting in over 1,000 reimbursable hours charged. We support NASA's Orion Multi-Purpose Crew Vehicle, Launch Abort System, Space Launch System, International Space Station, Habitation and Logistics Outpost, and previous programs such as the Nancy Grace Roman Space Telescope.
I began my DCMA career as a quality assurance specialist in the Keystone program. I started working at DCMA in April 2016 and have been with the agency for more than 10 years.
I enjoy working at DCMA because it provides a deep sense of purpose. It is rewarding to know that my team has direct, hands-on involvement in supporting diverse, critical projects and missions. Whether we are delivering vital assets to our nation's military or helping to drive pioneering space exploration efforts with NASA such as the historic Artemis mission that my team supported, the impact of our work is real and profound. I have had the opportunity to work with some of the most knowledgeable and inspiring coworkers who deeply care about the mission. Many of my colleagues are current or retired military members whose continued commitment to service is motivating.
One of the absolute best things about working on the Buffalo team is the camaraderie. We share a rare, family-like bond where we genuinely care for one another and stand united in our dedication to the mission. That supportive environment is perfectly mirrored by the broader Buffalo community. This region has a deep-rooted community spirit and a rich industrial base, making Buffalo an incredibly fulfilling place to live, work and serve.
DCMA is crucial for our warfighters because we act as the vital link that ensures the equipment they receive is safe, reliable and ready for the field. On the factory floor, my team and I put service before self-interest, upholding the highest ethical standards as we conduct rigorous surveillance to identify and mitigate risks before products ever leave the facility. By delivering this level of excellence and providing clear acquisition insights, we help guarantee both the quality and integrity of defense assets. Ultimately, we serve as the trusted, independent eyes and ears that safeguard our service members by directly supporting their lethality and mission readiness.
Over the years, the most significant shift I have witnessed in DCMA, specifically in quality assurance, is our evolution toward data-driven and risk-based surveillance, which reflects a broader transformation across the entire government and defense acquisition landscape. We replaced the legacy approach of traditional, inspection-driven surveillance with sophisticated data analytics and risk-management methodologies. As the Department of War accelerates procurement to address technological advancements and supply chain complexities, DCMA continues to evolve as an agile, strategic partner. We now focus our surveillance on where the risk is highest, ensuring that we deliver maximum value, cost-effectiveness and uncompromised quality to our warfighters in an increasingly dynamic global environment.
I recently completed the DCMA Team Lead Certification Program, so my immediate focus is on being the best leader I can be for my team. Looking ahead, I hope to move into a supervisory role where I can mentor other QA professionals, help shape DCMA policy and prepare our quality assurance landscape for future defense priorities.
Going into 2027, my goal is to build on the strong 2026 my team has had and continue supporting their growth. I want to focus on mentoring them, helping them enhance their technical skillsets and building their confidence to handle complex surveillance requirements. By focusing on their individual development, we will build an even more capable and effective unit.
Something unique about me is that I spent my entire decade-long federal career at DCMA. I began my journey here in Buffalo as a Keystone quality assurance specialist. I completed the intensive 4,000-hour training program, and years later, I have now progressed to leading a QA team. It is the same team I started with as a Keystone. It's been incredibly rewarding.
My favorite hobbies include golfing, working on home renovation projects and spending time with my family, especially my two kids. I am also a big sports fan and love watching the Buffalo Bills football team and the Buffalo Sabres ice hockey team.
***
Original text here: https://www.dcma.mil/News/Article/4614863/my-dcma-taylor-peterkin-lead-qas/
* * *
My DCMA: Taylor Peterkin, lead QAS
*
My DCMA showcases the Defense Contract Management Agency's experienced and dedicated workforce and highlights what being part of the national defense team means to them. Today, Taylor Peterkin shares his story.
My name is Taylor Peterkin, and this is "My DCMA." I am a lead quality assurance specialist at DCMA Northeast, which is a part of the Geographic & Systems Support Command. I am based in Buffalo, New York.
My job duties include co-leading a team of eight ... Show Full Article WASHINGTON, Oct. 19 -- The Defense Contract Management Agency issued the following news: * * * My DCMA: Taylor Peterkin, lead QAS * My DCMA showcases the Defense Contract Management Agency's experienced and dedicated workforce and highlights what being part of the national defense team means to them. Today, Taylor Peterkin shares his story. My name is Taylor Peterkin, and this is "My DCMA." I am a lead quality assurance specialist at DCMA Northeast, which is a part of the Geographic & Systems Support Command. I am based in Buffalo, New York. My job duties include co-leading a team of eightquality assurance professionals, assigning surveillance workloads and performing risk assessments on contractor manufacturing processes, conducting data analysis, and providing technical guidance and mentorship to journeymen quality assurance specialists.
I track team deliverables, review complex reports, including Process Evaluations and Quality Management System Audits, and negotiate letters of delegation, also known as LODs, with our internal and external partners. In addition, I serve as a subject matter expert for our multiple NASA projects, managing 16 letters of redelegation and executing all technical surveillance actions deemed critical by our NASA customers, resulting in over 1,000 reimbursable hours charged. We support NASA's Orion Multi-Purpose Crew Vehicle, Launch Abort System, Space Launch System, International Space Station, Habitation and Logistics Outpost, and previous programs such as the Nancy Grace Roman Space Telescope.
I began my DCMA career as a quality assurance specialist in the Keystone program. I started working at DCMA in April 2016 and have been with the agency for more than 10 years.
I enjoy working at DCMA because it provides a deep sense of purpose. It is rewarding to know that my team has direct, hands-on involvement in supporting diverse, critical projects and missions. Whether we are delivering vital assets to our nation's military or helping to drive pioneering space exploration efforts with NASA such as the historic Artemis mission that my team supported, the impact of our work is real and profound. I have had the opportunity to work with some of the most knowledgeable and inspiring coworkers who deeply care about the mission. Many of my colleagues are current or retired military members whose continued commitment to service is motivating.
One of the absolute best things about working on the Buffalo team is the camaraderie. We share a rare, family-like bond where we genuinely care for one another and stand united in our dedication to the mission. That supportive environment is perfectly mirrored by the broader Buffalo community. This region has a deep-rooted community spirit and a rich industrial base, making Buffalo an incredibly fulfilling place to live, work and serve.
DCMA is crucial for our warfighters because we act as the vital link that ensures the equipment they receive is safe, reliable and ready for the field. On the factory floor, my team and I put service before self-interest, upholding the highest ethical standards as we conduct rigorous surveillance to identify and mitigate risks before products ever leave the facility. By delivering this level of excellence and providing clear acquisition insights, we help guarantee both the quality and integrity of defense assets. Ultimately, we serve as the trusted, independent eyes and ears that safeguard our service members by directly supporting their lethality and mission readiness.
Over the years, the most significant shift I have witnessed in DCMA, specifically in quality assurance, is our evolution toward data-driven and risk-based surveillance, which reflects a broader transformation across the entire government and defense acquisition landscape. We replaced the legacy approach of traditional, inspection-driven surveillance with sophisticated data analytics and risk-management methodologies. As the Department of War accelerates procurement to address technological advancements and supply chain complexities, DCMA continues to evolve as an agile, strategic partner. We now focus our surveillance on where the risk is highest, ensuring that we deliver maximum value, cost-effectiveness and uncompromised quality to our warfighters in an increasingly dynamic global environment.
I recently completed the DCMA Team Lead Certification Program, so my immediate focus is on being the best leader I can be for my team. Looking ahead, I hope to move into a supervisory role where I can mentor other QA professionals, help shape DCMA policy and prepare our quality assurance landscape for future defense priorities.
Going into 2027, my goal is to build on the strong 2026 my team has had and continue supporting their growth. I want to focus on mentoring them, helping them enhance their technical skillsets and building their confidence to handle complex surveillance requirements. By focusing on their individual development, we will build an even more capable and effective unit.
Something unique about me is that I spent my entire decade-long federal career at DCMA. I began my journey here in Buffalo as a Keystone quality assurance specialist. I completed the intensive 4,000-hour training program, and years later, I have now progressed to leading a QA team. It is the same team I started with as a Keystone. It's been incredibly rewarding.
My favorite hobbies include golfing, working on home renovation projects and spending time with my family, especially my two kids. I am also a big sports fan and love watching the Buffalo Bills football team and the Buffalo Sabres ice hockey team.
***
Original text here: https://www.dcma.mil/News/Article/4614863/my-dcma-taylor-peterkin-lead-qas/
National Academy of Medicine Honors Three Members for Outstanding Service
WASHINGTON, Oct. 18 -- The National Academy of Medicine issued the following news:
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National Academy of Medicine Honors Three Members for Outstanding Service
*
At its annual meeting today, the National Academy of Medicine (NAM) honored three members for their outstanding service. The honorees are Susan J. Curry, dean emeritus and distinguished professor of health management and policy at the University of Iowa; Claire D. Brindis, emerita director of the Philip R. Lee Institute for Health Policy Studies, University of California, San Francisco; and John R. Ball, former executive vice president ... Show Full Article WASHINGTON, Oct. 18 -- The National Academy of Medicine issued the following news: * * * National Academy of Medicine Honors Three Members for Outstanding Service * At its annual meeting today, the National Academy of Medicine (NAM) honored three members for their outstanding service. The honorees are Susan J. Curry, dean emeritus and distinguished professor of health management and policy at the University of Iowa; Claire D. Brindis, emerita director of the Philip R. Lee Institute for Health Policy Studies, University of California, San Francisco; and John R. Ball, former executive vice presidentof the American College of Physicians.
Curry received the Walsh McDermott Medal, which recognizes a member for distinguished service to the NAM and the National Academies of Sciences, Engineering, and Medicine over an extended period. A national leader in preventive medicine and public health, Curry has made foundational contributions to tobacco cessation, health behavior change, and evidence-based prevention, while also serving at the highest levels of academic and government leadership.
Elected to the NAM in 2010, Curry's service to the NAM and National Academies has spanned more than two decades, during which she has strengthened governance, safeguarded scientific integrity, guided influential consensus work, and remained steadfast during moments of national urgency and institutional transition. In addition to most recently serving as co-chair of the National Research Council's Report Review Committee from 2023-2026 and on its Governing Board from 2020-2024, Curry was on the Executive Committee of the NAM Council from 2019-2025. Curry has also been a member of three consensus study committees as well as the Board on Population Health and Public Health Practice from 2014-2020 and the National Cancer Policy Board from 1999-2002.
Brindis received the Adam Yarmolinsky Medal, which is awarded to a member from a discipline outside the health and medical sciences. Her distinguished career has focused on program evaluation and the translation of research into policy at the local, state, and national levels, with a focus on ameliorating the impacts of social, health, and economic disparities, especially for women, young adults, and adolescents.
Brindis was elected to the NAM in 2011. She is currently a member of the Center for Health, People, and Places committee and chair of the Division Committee for the Behavioral and Social Sciences and Education. Brindis served on the NAM Council from 2018-2024, including as its vice chair from 2021-2024. Over the past 20 years, Brindis has dedicated her time as a member of seven consensus study committees, including the Committee on Preventive Services for Women, whose recommendations on breast and cervical care screening and free breast pumps for lactating women were adopted in the Affordable Care Act. Other committee work has focused on improving health outcomes for children with disabilities and reducing and preventing teen motor vehicle crashes, among other studies related to improving outcomes for mothers and children.
Ball is the recipient of the David Rall Medal, which is given to a member who has demonstrated distinguished leadership as chair of a study committee or other such activity. Ball has chaired multiple consensus committees, such as Improving Diagnosis in Health Care, Evaluation of Biomarkers and Surrogate Endpoints in Chronic Disease, Improving Breast Imaging Quality Standards, and Essential Health Benefits: Balancing Coverage and Cost. Ball's expertise, diplomacy, and motivational leadership have contributed to effective study processes and elevated the reports he has chaired. For example, Improving Diagnosis in Health Care is one of the most downloaded reports of the National Academies and has spurred substantive research programs on diagnostic error, including a new initiative supported by the Agency for Healthcare Research and Quality and an $85 million initiative on diagnostic excellence from the Moore Foundation. Elected to the NAM in 1991, Ball's service to the National Academies includes serving as a report reviewer.
"These members exemplify the highest standards of leadership and impact through their sustained contributions to the National Academies and their respective fields," said National Academy of Medicine President Monica M. Bertagnolli. "Their dedication to translating research into meaningful policy and practice and guiding influential consensus studies has strengthened the institution, advanced public health, and improved lives."
The National Academy of Medicine, established in 1970 as the Institute of Medicine, is an independent organization of eminent professionals from diverse fields including health and medicine; the natural, social, and behavioral sciences; and beyond. It serves alongside the National Academy of Sciences and the National Academy of Engineering as an adviser to the nation and the international community. Through its domestic and global initiatives, the NAM works to address critical issues in health, medicine, and related policy and inspire positive action across sectors. The NAM collaborates closely with its peer academies and other divisions within the National Academies of Sciences, Engineering, and Medicine.
***
Original text here: https://nam.edu/news-and-insights/nam-honors-members-service-2026/ (TNSmrp)
* * *
National Academy of Medicine Honors Three Members for Outstanding Service
*
At its annual meeting today, the National Academy of Medicine (NAM) honored three members for their outstanding service. The honorees are Susan J. Curry, dean emeritus and distinguished professor of health management and policy at the University of Iowa; Claire D. Brindis, emerita director of the Philip R. Lee Institute for Health Policy Studies, University of California, San Francisco; and John R. Ball, former executive vice president ... Show Full Article WASHINGTON, Oct. 18 -- The National Academy of Medicine issued the following news: * * * National Academy of Medicine Honors Three Members for Outstanding Service * At its annual meeting today, the National Academy of Medicine (NAM) honored three members for their outstanding service. The honorees are Susan J. Curry, dean emeritus and distinguished professor of health management and policy at the University of Iowa; Claire D. Brindis, emerita director of the Philip R. Lee Institute for Health Policy Studies, University of California, San Francisco; and John R. Ball, former executive vice presidentof the American College of Physicians.
Curry received the Walsh McDermott Medal, which recognizes a member for distinguished service to the NAM and the National Academies of Sciences, Engineering, and Medicine over an extended period. A national leader in preventive medicine and public health, Curry has made foundational contributions to tobacco cessation, health behavior change, and evidence-based prevention, while also serving at the highest levels of academic and government leadership.
Elected to the NAM in 2010, Curry's service to the NAM and National Academies has spanned more than two decades, during which she has strengthened governance, safeguarded scientific integrity, guided influential consensus work, and remained steadfast during moments of national urgency and institutional transition. In addition to most recently serving as co-chair of the National Research Council's Report Review Committee from 2023-2026 and on its Governing Board from 2020-2024, Curry was on the Executive Committee of the NAM Council from 2019-2025. Curry has also been a member of three consensus study committees as well as the Board on Population Health and Public Health Practice from 2014-2020 and the National Cancer Policy Board from 1999-2002.
Brindis received the Adam Yarmolinsky Medal, which is awarded to a member from a discipline outside the health and medical sciences. Her distinguished career has focused on program evaluation and the translation of research into policy at the local, state, and national levels, with a focus on ameliorating the impacts of social, health, and economic disparities, especially for women, young adults, and adolescents.
Brindis was elected to the NAM in 2011. She is currently a member of the Center for Health, People, and Places committee and chair of the Division Committee for the Behavioral and Social Sciences and Education. Brindis served on the NAM Council from 2018-2024, including as its vice chair from 2021-2024. Over the past 20 years, Brindis has dedicated her time as a member of seven consensus study committees, including the Committee on Preventive Services for Women, whose recommendations on breast and cervical care screening and free breast pumps for lactating women were adopted in the Affordable Care Act. Other committee work has focused on improving health outcomes for children with disabilities and reducing and preventing teen motor vehicle crashes, among other studies related to improving outcomes for mothers and children.
Ball is the recipient of the David Rall Medal, which is given to a member who has demonstrated distinguished leadership as chair of a study committee or other such activity. Ball has chaired multiple consensus committees, such as Improving Diagnosis in Health Care, Evaluation of Biomarkers and Surrogate Endpoints in Chronic Disease, Improving Breast Imaging Quality Standards, and Essential Health Benefits: Balancing Coverage and Cost. Ball's expertise, diplomacy, and motivational leadership have contributed to effective study processes and elevated the reports he has chaired. For example, Improving Diagnosis in Health Care is one of the most downloaded reports of the National Academies and has spurred substantive research programs on diagnostic error, including a new initiative supported by the Agency for Healthcare Research and Quality and an $85 million initiative on diagnostic excellence from the Moore Foundation. Elected to the NAM in 1991, Ball's service to the National Academies includes serving as a report reviewer.
"These members exemplify the highest standards of leadership and impact through their sustained contributions to the National Academies and their respective fields," said National Academy of Medicine President Monica M. Bertagnolli. "Their dedication to translating research into meaningful policy and practice and guiding influential consensus studies has strengthened the institution, advanced public health, and improved lives."
The National Academy of Medicine, established in 1970 as the Institute of Medicine, is an independent organization of eminent professionals from diverse fields including health and medicine; the natural, social, and behavioral sciences; and beyond. It serves alongside the National Academy of Sciences and the National Academy of Engineering as an adviser to the nation and the international community. Through its domestic and global initiatives, the NAM works to address critical issues in health, medicine, and related policy and inspire positive action across sectors. The NAM collaborates closely with its peer academies and other divisions within the National Academies of Sciences, Engineering, and Medicine.
***
Original text here: https://nam.edu/news-and-insights/nam-honors-members-service-2026/ (TNSmrp)
Pacific Intelligence Leaders Gather in Fiji to Strengthen Trust and Cooperation
CAMP SMITH, Hawaii, Oct. 17 -- The U.S. Indo-Pacific Command issued the following news:
* * *
Pacific Intelligence Leaders Gather in Fiji to Strengthen Trust and Cooperation
15 October 2026
From Staff Sgt. Oscar Toscano, 1st Theater Information Advantage Detachment
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NADI, Fiji -- Senior military intelligence leaders from 20 nations gathered in Fiji for the 19th Annual Indo-Pacific Intelligence Chiefs Conference (IPICC), bringing together senior leaders to strengthen relationships, exchange perspectives and explore ways to address shared security challenges across the region.
Hosted by ... Show Full Article CAMP SMITH, Hawaii, Oct. 17 -- The U.S. Indo-Pacific Command issued the following news: * * * Pacific Intelligence Leaders Gather in Fiji to Strengthen Trust and Cooperation 15 October 2026 From Staff Sgt. Oscar Toscano, 1st Theater Information Advantage Detachment - NADI, Fiji -- Senior military intelligence leaders from 20 nations gathered in Fiji for the 19th Annual Indo-Pacific Intelligence Chiefs Conference (IPICC), bringing together senior leaders to strengthen relationships, exchange perspectives and explore ways to address shared security challenges across the region. Hosted byLt. Col. Esira Kulavati, Director of Military Intelligence (DMI), Republic of Fiji Military Forces, and co-host Rear Adm. Jeffrey Buschmann, Director for Intelligence, U.S. Pacific Command, this year's conference centered on the theme, "Collective Insight, Collective Security: Deepening Indo-Pacific Intelligence Cooperation Through Trust and Partnership."
For Buschmann, the value of IPICC extends beyond the formal discussions taking place during the conference. He described the event as a flagship forum where partners and allies can come together around a shared strategic purpose.
"IPICC serves as a flagship forum for our key partners and allies to convene in pursuit of a shared strategic purpose," Buschmann said. "It provides an important platform for the DMI's from each of the respective countries across the Indo-Pacific and beyond to identify and elevate critical challenges that have implications for collective and global security."
The conference also provides an opportunity for senior intelligence leaders to move from identifying challenges to developing potential solutions together.
"Equally important, IPICC brings together the PACOM Theater's senior intelligence leaders to collaboratively develop actionable solutions to these challenges," Buschmann said. "Through this dialogue and partnership, IPICC strengthens intelligence cooperation, advances shared understanding, and contributes to a more secure, stable and resilient Indo-Pacific."
For Lt. Gen. James H. Adams, director of the Defense Intelligence Agency (DIA), the face-to-face relationships developed through engagements like IPICC are fundamental to effective intelligence sharing.
"Having Indo-Pacific intelligence leaders together builds the trust and personal relationships that underpin effective intelligence sharing," Adams said. "In my experience, face-to-face engagement enables more candid conversations, better appreciation of nations' perspectives, and the confidence to address difficult challenges together, something virtual meetings rarely replicate."
Adams said those relationships can become particularly important when a crisis requires partners to act quickly.
"In a crisis, the strength of those relationships can determine whether intelligence is merely exchanged or acted upon in time to matter," Adams said.
For Buschmann, building those relationships requires more than simply gathering leaders in the same room. It requires listening to the different security concerns and priorities represented across the region.
"What I would like to see is a deeper and more enduring level of cooperation, transparency, and trust among our partners and allies," Buschmann said.
He emphasized the importance of understanding the perspectives of partners throughout the region, particularly when determining how nations can work together to address shared challenges.
"It is essential that each of us [DMIs] listen to, and understand, the distinct security concerns, priorities, and perspectives across the theater," Buschmann said. "Doing so will enable us to more effectively assess where and how the U.S. can best support our partners, strengthen collective security, and advance shared interests throughout the area of responsibilities."
The conference's bilateral and small-group engagements also provided opportunities for participants to discuss national challenges and priorities in a more direct setting.
"These conversations are essential to building mutual understanding, identifying areas of common purpose, and developing collaborative solutions that address shared security challenges," Buschmann said.
Those conversations are intended to extend beyond the conference itself. Adams said continued progress will require the intelligence community to turn relationships and dialogue into practical capabilities.
"Looking beyond this year's conference, the priority should be building resiliency and interoperability, grounded in trust but reinforced through consistent action," Adams said. "That means improving information sharing, aligning standards and processes, and strengthening secure communications so we understand not only what we can share, but how quickly and effectively we can act on it."
While conferences can establish connections, the relationships developed through those interactions can become particularly important when nations face a crisis or emerging security challenge.
Buschmann said IPICC creates an environment where senior intelligence leaders can engage openly and candidly about their respective concerns, challenges and priorities.
"IPICC provides a unique forum for senior intelligence leaders and Directors to engage with one another openly and candidly," Buschmann said. "By fostering an environment of transparency and collaboration, IPICC creates a true 'meeting of the minds', bringing together diverse perspectives, institutional knowledge, and operational experiences to better understand complex challenges and collectively develop meaningful solutions."
That exchange of perspectives is central to this year's conference theme.
"Addressing the increasingly complex security challenges facing the Indo-Pacific and, by extension, the broader global community, requires sustained dialogue, shared understanding, and genuine partnership," Buschmann said.
For Buschmann, face-to-face engagement remains an important part of building that foundation.
"What better way to advance that objective than through direct, face-to-face engagement among the leaders responsible for understanding and addressing these challenges," Buschmann said.
Adams said the next step is ensuring the relationships established through these engagements translate into sustained progress.
"We should also turn dialogue into measurable progress: establish shared priorities, set realistic milestones, and review them at each subsequent engagement," Adams said. "Trust is built over time by delivering on commitments."
That approach reflects the broader purpose of IPICC: creating an enduring network capable of sharing information, understanding regional perspectives and coordinating responses to challenges that extend beyond any one nation.
"The Indo-Pacific intelligence coalition will be strongest when our relationships, systems, and habits are sufficiently mature that we can move from shared awareness to coordinated action, quickly, confidently and together," Adams said.
Buschmann said the conference provides the environment needed to continue building toward that objective.
"IPICC provides precisely that opportunity: a trusted environment where partners can exchange insights, challenge assumptions, identify common interests, and work collaboratively toward solutions that strengthen collective security," Buschmann said.
As the conference concluded, participating nations expressed appreciation for Fiji's efforts in hosting the 19th IPICC and creating an environment that supported open dialogue, professional exchange and relationship-building.
* * *
Original text here: https://www.pacom.mil/Media/News/News-Articles/Article/4627008/pacific-intelligence-leaders-gather-in-fiji-to-strengthen-trust-and-cooperation/
* * *
Pacific Intelligence Leaders Gather in Fiji to Strengthen Trust and Cooperation
15 October 2026
From Staff Sgt. Oscar Toscano, 1st Theater Information Advantage Detachment
-
NADI, Fiji -- Senior military intelligence leaders from 20 nations gathered in Fiji for the 19th Annual Indo-Pacific Intelligence Chiefs Conference (IPICC), bringing together senior leaders to strengthen relationships, exchange perspectives and explore ways to address shared security challenges across the region.
Hosted by ... Show Full Article CAMP SMITH, Hawaii, Oct. 17 -- The U.S. Indo-Pacific Command issued the following news: * * * Pacific Intelligence Leaders Gather in Fiji to Strengthen Trust and Cooperation 15 October 2026 From Staff Sgt. Oscar Toscano, 1st Theater Information Advantage Detachment - NADI, Fiji -- Senior military intelligence leaders from 20 nations gathered in Fiji for the 19th Annual Indo-Pacific Intelligence Chiefs Conference (IPICC), bringing together senior leaders to strengthen relationships, exchange perspectives and explore ways to address shared security challenges across the region. Hosted byLt. Col. Esira Kulavati, Director of Military Intelligence (DMI), Republic of Fiji Military Forces, and co-host Rear Adm. Jeffrey Buschmann, Director for Intelligence, U.S. Pacific Command, this year's conference centered on the theme, "Collective Insight, Collective Security: Deepening Indo-Pacific Intelligence Cooperation Through Trust and Partnership."
For Buschmann, the value of IPICC extends beyond the formal discussions taking place during the conference. He described the event as a flagship forum where partners and allies can come together around a shared strategic purpose.
"IPICC serves as a flagship forum for our key partners and allies to convene in pursuit of a shared strategic purpose," Buschmann said. "It provides an important platform for the DMI's from each of the respective countries across the Indo-Pacific and beyond to identify and elevate critical challenges that have implications for collective and global security."
The conference also provides an opportunity for senior intelligence leaders to move from identifying challenges to developing potential solutions together.
"Equally important, IPICC brings together the PACOM Theater's senior intelligence leaders to collaboratively develop actionable solutions to these challenges," Buschmann said. "Through this dialogue and partnership, IPICC strengthens intelligence cooperation, advances shared understanding, and contributes to a more secure, stable and resilient Indo-Pacific."
For Lt. Gen. James H. Adams, director of the Defense Intelligence Agency (DIA), the face-to-face relationships developed through engagements like IPICC are fundamental to effective intelligence sharing.
"Having Indo-Pacific intelligence leaders together builds the trust and personal relationships that underpin effective intelligence sharing," Adams said. "In my experience, face-to-face engagement enables more candid conversations, better appreciation of nations' perspectives, and the confidence to address difficult challenges together, something virtual meetings rarely replicate."
Adams said those relationships can become particularly important when a crisis requires partners to act quickly.
"In a crisis, the strength of those relationships can determine whether intelligence is merely exchanged or acted upon in time to matter," Adams said.
For Buschmann, building those relationships requires more than simply gathering leaders in the same room. It requires listening to the different security concerns and priorities represented across the region.
"What I would like to see is a deeper and more enduring level of cooperation, transparency, and trust among our partners and allies," Buschmann said.
He emphasized the importance of understanding the perspectives of partners throughout the region, particularly when determining how nations can work together to address shared challenges.
"It is essential that each of us [DMIs] listen to, and understand, the distinct security concerns, priorities, and perspectives across the theater," Buschmann said. "Doing so will enable us to more effectively assess where and how the U.S. can best support our partners, strengthen collective security, and advance shared interests throughout the area of responsibilities."
The conference's bilateral and small-group engagements also provided opportunities for participants to discuss national challenges and priorities in a more direct setting.
"These conversations are essential to building mutual understanding, identifying areas of common purpose, and developing collaborative solutions that address shared security challenges," Buschmann said.
Those conversations are intended to extend beyond the conference itself. Adams said continued progress will require the intelligence community to turn relationships and dialogue into practical capabilities.
"Looking beyond this year's conference, the priority should be building resiliency and interoperability, grounded in trust but reinforced through consistent action," Adams said. "That means improving information sharing, aligning standards and processes, and strengthening secure communications so we understand not only what we can share, but how quickly and effectively we can act on it."
While conferences can establish connections, the relationships developed through those interactions can become particularly important when nations face a crisis or emerging security challenge.
Buschmann said IPICC creates an environment where senior intelligence leaders can engage openly and candidly about their respective concerns, challenges and priorities.
"IPICC provides a unique forum for senior intelligence leaders and Directors to engage with one another openly and candidly," Buschmann said. "By fostering an environment of transparency and collaboration, IPICC creates a true 'meeting of the minds', bringing together diverse perspectives, institutional knowledge, and operational experiences to better understand complex challenges and collectively develop meaningful solutions."
That exchange of perspectives is central to this year's conference theme.
"Addressing the increasingly complex security challenges facing the Indo-Pacific and, by extension, the broader global community, requires sustained dialogue, shared understanding, and genuine partnership," Buschmann said.
For Buschmann, face-to-face engagement remains an important part of building that foundation.
"What better way to advance that objective than through direct, face-to-face engagement among the leaders responsible for understanding and addressing these challenges," Buschmann said.
Adams said the next step is ensuring the relationships established through these engagements translate into sustained progress.
"We should also turn dialogue into measurable progress: establish shared priorities, set realistic milestones, and review them at each subsequent engagement," Adams said. "Trust is built over time by delivering on commitments."
That approach reflects the broader purpose of IPICC: creating an enduring network capable of sharing information, understanding regional perspectives and coordinating responses to challenges that extend beyond any one nation.
"The Indo-Pacific intelligence coalition will be strongest when our relationships, systems, and habits are sufficiently mature that we can move from shared awareness to coordinated action, quickly, confidently and together," Adams said.
Buschmann said the conference provides the environment needed to continue building toward that objective.
"IPICC provides precisely that opportunity: a trusted environment where partners can exchange insights, challenge assumptions, identify common interests, and work collaboratively toward solutions that strengthen collective security," Buschmann said.
As the conference concluded, participating nations expressed appreciation for Fiji's efforts in hosting the 19th IPICC and creating an environment that supported open dialogue, professional exchange and relationship-building.
* * *
Original text here: https://www.pacom.mil/Media/News/News-Articles/Article/4627008/pacific-intelligence-leaders-gather-in-fiji-to-strengthen-trust-and-cooperation/
News From Administrative Conference of the U.S. (October 2026)
WASHINGTON, Oct. 17 -- The Administrative Conference of the United States issued the following news release:
* * *
News from ACUS (October 2026)
This monthly newsletter provides a roundup of recent, ongoing, and upcoming initiatives from the Administrative Conference of the United States.
In this issue:
* The 86th Plenary Session.
* Proposed recommendations from committees.
* Recommendation projects currently underway.
Thanks for subscribing. Feedback and suggestions are welcome at info@acus.gov, and follow us on LinkedIn, Facebook, and X.
86th Plenary Session
The 86th Plenary Session ... Show Full Article WASHINGTON, Oct. 17 -- The Administrative Conference of the United States issued the following news release: * * * News from ACUS (October 2026) This monthly newsletter provides a roundup of recent, ongoing, and upcoming initiatives from the Administrative Conference of the United States. In this issue: * The 86th Plenary Session. * Proposed recommendations from committees. * Recommendation projects currently underway. Thanks for subscribing. Feedback and suggestions are welcome at info@acus.gov, and follow us on LinkedIn, Facebook, and X. 86th Plenary Session The 86th Plenary Sessionis scheduled for Thursday, December 10, 2026. Members of the public may observe the plenary session virtually via livestream here.
Proposed Recommendations
Three committees have finalized proposed recommendations for consideration by the Assembly:
* The Committee on Administration and Management met to consider Improving Transparency in the Review of Applications for Licenses and Permits. The Committee's proposed recommendation is available here, and the draft consultant report is available here.
* The Committee on Regulation met to consider Regulatory Warnings. The Committee's proposed recommendation is available here, and the draft consultant report is available here.
* The Committee on Rulemaking met to consider General Permits and Permits by Rule. The Committee's proposed recommendation will be available here, and the draft consultant report is available here.
* The Committee on Adjudication is considering Frontline Decision Making in the Adjudication of Applications. Draft materials associated with the project are available here.
Current Projects Underway
Several other projects are underway that committees will take up in 2027 and 2028. Information can be found on the project webpages linked below.
* Agency Explanations of the Law
* Collection, Use, and Availability of Agency Adjudication Data
* Compliance Assistance Programs
* Discovery in Agency Adjudication
* Improving Access to Information About License and Permit Programs
* Periodic Rules
* Policies on the Use of Generative Artificial Intelligence in Agency Adjudication
* Preventing, Detecting, and Resolving Improper Payments in Federally Administered Programs
* Processing Public Comments in Agency Rulemaking
* Regional Administration of Regulatory Programs
* Regulatory Experimentation
* Statements of Agency Organization
* * *
Original text here: https://www.acus.gov/article/news-acus-october-2026
* * *
News from ACUS (October 2026)
This monthly newsletter provides a roundup of recent, ongoing, and upcoming initiatives from the Administrative Conference of the United States.
In this issue:
* The 86th Plenary Session.
* Proposed recommendations from committees.
* Recommendation projects currently underway.
Thanks for subscribing. Feedback and suggestions are welcome at info@acus.gov, and follow us on LinkedIn, Facebook, and X.
86th Plenary Session
The 86th Plenary Session ... Show Full Article WASHINGTON, Oct. 17 -- The Administrative Conference of the United States issued the following news release: * * * News from ACUS (October 2026) This monthly newsletter provides a roundup of recent, ongoing, and upcoming initiatives from the Administrative Conference of the United States. In this issue: * The 86th Plenary Session. * Proposed recommendations from committees. * Recommendation projects currently underway. Thanks for subscribing. Feedback and suggestions are welcome at info@acus.gov, and follow us on LinkedIn, Facebook, and X. 86th Plenary Session The 86th Plenary Sessionis scheduled for Thursday, December 10, 2026. Members of the public may observe the plenary session virtually via livestream here.
Proposed Recommendations
Three committees have finalized proposed recommendations for consideration by the Assembly:
* The Committee on Administration and Management met to consider Improving Transparency in the Review of Applications for Licenses and Permits. The Committee's proposed recommendation is available here, and the draft consultant report is available here.
* The Committee on Regulation met to consider Regulatory Warnings. The Committee's proposed recommendation is available here, and the draft consultant report is available here.
* The Committee on Rulemaking met to consider General Permits and Permits by Rule. The Committee's proposed recommendation will be available here, and the draft consultant report is available here.
* The Committee on Adjudication is considering Frontline Decision Making in the Adjudication of Applications. Draft materials associated with the project are available here.
Current Projects Underway
Several other projects are underway that committees will take up in 2027 and 2028. Information can be found on the project webpages linked below.
* Agency Explanations of the Law
* Collection, Use, and Availability of Agency Adjudication Data
* Compliance Assistance Programs
* Discovery in Agency Adjudication
* Improving Access to Information About License and Permit Programs
* Periodic Rules
* Policies on the Use of Generative Artificial Intelligence in Agency Adjudication
* Preventing, Detecting, and Resolving Improper Payments in Federally Administered Programs
* Processing Public Comments in Agency Rulemaking
* Regional Administration of Regulatory Programs
* Regulatory Experimentation
* Statements of Agency Organization
* * *
Original text here: https://www.acus.gov/article/news-acus-october-2026
Freight Rail Couplers and Parts Thereof From Czech Republic and India Injure U.S. Industry, Says USITC
WASHINGTON, Oct. 17 -- The U.S. International Trade Commission issued the following news release:
* * *
Freight Rail Couplers and Parts Thereof from Czech Republic and India Injure U.S. Industry, Says USITC
October 16, 2026
The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of freight rail couplers and parts thereof from Czech Republic and India that the U.S. Department of Commerce (Commerce) has determined are sold in the United States at less than fair value and subsidized by the government of India.
Chairman ... Show Full Article WASHINGTON, Oct. 17 -- The U.S. International Trade Commission issued the following news release: * * * Freight Rail Couplers and Parts Thereof from Czech Republic and India Injure U.S. Industry, Says USITC October 16, 2026 The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of freight rail couplers and parts thereof from Czech Republic and India that the U.S. Department of Commerce (Commerce) has determined are sold in the United States at less than fair value and subsidized by the government of India. ChairmanBrett W. Doyle and Commissioners Jason E. Kearns, Peter-Anthony Pappas, Bart Thanhauser, and David Foley Jr. voted in the affirmative. Commissioner Samuel T. Negatu did not participate in the vote.
As a result of the USITC's affirmative determinations, Commerce will issue antidumping orders on imports of this product from Czech Republic and India and a countervailing duty order on imports of this product from India.
The USITC's public report, Freight Rail Couplers and Parts Thereof from Czech Republic and India (Inv. Nos. 701-TA-775 and 731-TA-1759-1760 (Final), USITC Publication 5805, November 2026), will contain the views of the USITC and information developed during the investigations.
The report will be available on the USITC website by November 30, 2026.
Status of proceedings, links to relevant documents, and more information about the investigations can be found at the USITC's Investigations Database System (IDS).
* * *
Original text here: https://www.usitc.gov/press_room/news_release/2026/er1016_69361.htm
* * *
Freight Rail Couplers and Parts Thereof from Czech Republic and India Injure U.S. Industry, Says USITC
October 16, 2026
The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of freight rail couplers and parts thereof from Czech Republic and India that the U.S. Department of Commerce (Commerce) has determined are sold in the United States at less than fair value and subsidized by the government of India.
Chairman ... Show Full Article WASHINGTON, Oct. 17 -- The U.S. International Trade Commission issued the following news release: * * * Freight Rail Couplers and Parts Thereof from Czech Republic and India Injure U.S. Industry, Says USITC October 16, 2026 The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of freight rail couplers and parts thereof from Czech Republic and India that the U.S. Department of Commerce (Commerce) has determined are sold in the United States at less than fair value and subsidized by the government of India. ChairmanBrett W. Doyle and Commissioners Jason E. Kearns, Peter-Anthony Pappas, Bart Thanhauser, and David Foley Jr. voted in the affirmative. Commissioner Samuel T. Negatu did not participate in the vote.
As a result of the USITC's affirmative determinations, Commerce will issue antidumping orders on imports of this product from Czech Republic and India and a countervailing duty order on imports of this product from India.
The USITC's public report, Freight Rail Couplers and Parts Thereof from Czech Republic and India (Inv. Nos. 701-TA-775 and 731-TA-1759-1760 (Final), USITC Publication 5805, November 2026), will contain the views of the USITC and information developed during the investigations.
The report will be available on the USITC website by November 30, 2026.
Status of proceedings, links to relevant documents, and more information about the investigations can be found at the USITC's Investigations Database System (IDS).
* * *
Original text here: https://www.usitc.gov/press_room/news_release/2026/er1016_69361.htm
Fed: Government Bonds' Safe-Haven Property and Inflationary Pressures
WASHINGTON, Oct. 17 -- The Federal Reserve issued the following Fed Notes article:
* * *
October 16, 2026
Government Bonds' Safe-Haven Property and Inflationary Pressures
Canlin Li and Emre Yoldas1
1. Introduction
Earlier this year, escalation of the conflict in the Middle East resulted in sharp declines in major stock indexes as energy prices rose and the global economic outlook deteriorated, but prices of long-term government bonds in major advanced economies also declined (Figure 1). This prompted some commentators to question the premise that government bonds in these major advanced economies ... Show Full Article WASHINGTON, Oct. 17 -- The Federal Reserve issued the following Fed Notes article: * * * October 16, 2026 Government Bonds' Safe-Haven Property and Inflationary Pressures Canlin Li and Emre Yoldas1 1. Introduction Earlier this year, escalation of the conflict in the Middle East resulted in sharp declines in major stock indexes as energy prices rose and the global economic outlook deteriorated, but prices of long-term government bonds in major advanced economies also declined (Figure 1). This prompted some commentators to question the premise that government bonds in these major advanced economieswill rally in times of increased risk aversion and serve as a safe haven for investors (see for example, Kim, 2026). In this note we argue that the type of economic shock and inflationary dynamics matter greatly in determining whether bonds provide portfolio insurance and how investors assess their riskiness.
* * *
Figure 1. Stock and Bond Returns in March 2026
* * *
Conventional wisdom suggests that central banks should look through temporary adverse supply shocks, such as the recent oil price spikes caused by the Middle East conflict. However, these shocks may prove persistent and have second-round effects leading to higher inflation expectations by households and firms. Such considerations are crucial when adverse supply shocks hit the economy in an environment of above-target inflation as persistent deviations from inflation targets may eventually lead inflation expectations to settle at a higher level. Against such a backdrop, bond markets could price in a significantly higher policy path in response to these adverse supply shocks as a tighter policy stance can ensure inflationary effects do not broaden and inflation expectations remain stable. This undermines the traditional safe-haven dynamics. In contrast, when inflation runs close to target and policymakers are not concerned about stability of inflation expectations, bonds can rally even in response to an adverse supply shock as policymakers can lower interest rates to cushion the hit to economic growth.
Motivated by these ideas, we use historical data on stock-bond correlations and inflation forecasts in three major advanced economies to show that the hedging property of bonds crucially depends on stability of inflation expectations and inflationary pressures. We also provide evidence from reactions of stock returns and bond yields to economic news that supports this hypothesis.
2. Stock-Bond Correlations and Inflation Regimes
Before examining the historical patterns, it is useful to understand conceptually how inflation dynamics can affect stock-bond correlations.2 In this note, we focus on the correlation between stock returns and bond yield changes. Therefore, positive correlation means falling stock prices coincide with falling yields (i.e. rising bond prices), as bonds provide portfolio insurance to investors. Negative correlation means falling stock prices coincide with rising yields (i.e. falling bond prices), amplifying portfolio losses on risky assets such as stocks.
Bonds' hedging property depends critically on the inflation environment and the kinds of shocks hitting the economy. When inflation is near target and expectations are well anchored, central banks can ease in response to adverse demand or supply shocks without threatening price stability, so bond prices rise when stock prices fall. However, if inflationary pressures are rising and output is close to potential, central banks may face a tradeoff between supporting growth and maintaining price stability. Adverse supply shocks, particularly those arriving amid above-target inflation, may pose similar challenges as central banks may need to keep policy tight to ensure stability of long-term inflation expectations (Covitz and Engstrom, 2026). In these cases, stock and bond prices can fall together.
2.1 Stock-Bond Correlations Across Three Historical Periods
Figure 2 shows how our measures of stock-bond correlations have evolved in the U.S., the euro area, and the U.K. using a 1-year rolling window. The figure reveals some broad patterns: the correlations were deep into negative territory in the early 1990s, were positive for most of the two decades from 2000 to the Covid pandemic, and then switched to negative in recent years. Table 1 provides a summary of the correlations for each period, isolating the noise from short-term fluctuations in the rolling sample. The patterns are broadly consistent with three distinct inflation regimes, which we will analyze next.
* * *
Figure 2. Stock-Bond Correlations
* * *
Table 1. Stock-Bond Correlations Across Three Historical Periods
Country ... Pre-2000 ... 2000-2021 ... Post-2021
United States ... -0.26 ... 0.4 ... -0.09
Euro Area ... -0.28 ... 0.41 ... -0.02
United Kingdom ... -0.29 ... 0.31 ... -0.14
Note: Stock-bond correlation measured as correlation between stock returns and changes in 10-year government bond yields over the entire period (not rolling window). Stock returns are based on the S&P 500, Euro Stoxx, and FTSE 100 indexes for the United States, the euro area, and the United Kingdom, respectively. Euro-area bond yields are German 10-year government bond yields. Positive correlation indicates stocks and yields move together; negative correlation indicates stocks and yields move in opposite directions. Sample: 1990-01-01 to 2026-07-31.
Source: Bloomberg.
2.2 Inflation Regimes
We examine the historical evolution of forward-looking inflation measures over the periods discussed above with respect to inflation forecasts from the Consensus Economics survey.3 Figures 3 and 4 plot 1-year and 6-to-10-year ahead inflation forecasts, respectively, over time with the 2 percent inflation goals marked by dashed lines. The 1-year horizon captures near-term inflationary pressures, which shape investors' expectations for the policy path, while the 6-to-10-year horizon indicates whether longer-term inflation expectations remain anchored at those goals.
* * *
Figure 3. One-Year Ahead Inflation Expectations
Figure 4. Six-to-Ten-Year Ahead Inflation Expectations
* * *
Pre-2000 (Establishing policy credibility): In the early 1990s, inflation expectations were elevated but moved lower and stabilized in the subsequent years as central banks established credibility. The evolution of stock bond correlations in 1990s was consistent with this change in inflation dynamics. Early in the decade, bonds amplified stock downturns in a portfolio, but later in the decade became a hedging asset. The anchoring of inflation expectations gave central banks flexibility to ease in response to adverse demand and supply shocks and support the economy, which made bonds a safe haven for investors in times of falling stock prices.
2000-2021 (Low inflation era): Correlations rose to strongly positive levels, and bonds became an excellent hedging asset during the Global Financial Crisis (GFC) and subsequent years, in part because of quantitative easing (QE). Long-term inflation expectations remained anchored, giving central banks flexibility to ease aggressively in response to market stress and economic weakness. This policy flexibility ensured that bonds rallied when stocks fell, producing the strong positive correlation observed during this period.
Post-2021 (Inflation makes a comeback): In recent years correlations returned to negative territory across all three economies, indicating severe deterioration in bonds' hedging property (Amundi Investment Institute, 2025). The key change was not a fundamental shift in the stability of longer-term inflation expectations, but rather a change in the mix of economic shocks requiring a different monetary policy response. First, the pandemic-induced inflationary pressures proved more persistent and required significantly higher real rates to bring inflation down and ensure stability of longer-term inflation expectations. This created a market environment where it was common for stock and bond prices to fall simultaneously. More recently, adverse supply shocks pushing prices higher in an economy already experiencing above-target inflation led to expectations of tighter policy even during periods of market stress. Bonds' safe-haven dynamics of the low-inflation era broke down.
The historical relationship between stock-bond correlations and the inflation backdrop strongly suggests a systematic relationship between inflationary dynamics and the hedging property of bonds. We next turn to an event study analysis to offer further evidence for this hypothesis.
2.3 Asset Responses to Inflation News
Prior work has established that U.S. macroeconomic news has substantial effects on global financial markets (Boehm and Kroner, 2026), making it natural to study responses across multiple countries simultaneously. Hence, we estimate regressions of each country's daily stock returns and bond yield changes on all three countries' daily inflation surprise indices from Bloomberg (we also include the growth surprise indices as control variables).4
Table 2 presents the estimated asset responses to inflation news for the 2000-2019 and post-2021 periods.5 During 2000-2019, bond yields showed only modest sensitivity to inflation news and commensurately stock return responses were insignificant. During this period, inflationary pressures were subdued on average and adverse supply shocks were not common, so investors did not anticipate a significant and sustained change in real interest rates driven by inflation news. As a result, stock prices did not react significantly to inflation news. The modest bond yield increases likely reflected the change in inflation compensation component in response to incoming inflation data.
* * *
Table 2: Asset Responses to Multi-Country Inflation News
* * *
Post 2021, the picture changes dramatically. Higher-than-expected U.S. inflation news now raises U.S. 10-year yields about three times as much as before and also significantly lifts euro-area and U.K. yields, which did not respond to U.S. inflation news in the 2000-2019 sample. The Fed's global influence was present in both periods, so this change in spillovers likely reflects how much more U.S. inflation news moved investor expectations for Fed policy as U.S. inflation has remained above target since 2021. Stock returns also fall significantly on own-country inflation surprises in the post 2021 period, reflecting increased inflationary pressures. When inflationary pressures are strong, each inflation data release may carry heightened significance because investors reassess central banks' future policy paths and surrounding risks. Moreover, expectations for significantly tighter monetary policy in reaction to adverse inflation news suggest potential growth headwinds, which is bad news for stock investors.
Together, these patterns demonstrate that bond hedging property is not a fixed characteristic but depends critically on the macroeconomic environment and the types of economic shocks. The amplification of bond yield sensitivity to inflation news is the central mechanism breaking bonds' traditional safe-haven dynamics.
3. Discussion and Conclusion
Our analysis shows that government bonds' hedging property depends critically on the inflation environment and the types of economic shocks hitting the economy. When inflationary pressures are limited and inflation expectations are well-anchored, bonds provide reliable hedging because central banks can ease in response to both adverse demand and supply shocks that weigh on stocks. This was the typical experience during the GFC and its aftermath, which solidified bonds' safe-haven role. However, when inflationary pressures build up, such as following the Covid pandemic, the required monetary policy response changes; central banks must balance supporting real activity against their price stability objectives, which breaks the traditional flight-to-quality dynamics. In addition, adverse supply shocks may lead investors to expect tighter monetary policy as central banks seek to keep inflation expectations stable. The result is again a deterioration in bonds' hedging property. Our analysis of historical evolution of stock-bond correlations in relation to inflation regimes and different responses of asset prices to inflation news over time support these conjectures. The post 2021 deterioration in bonds' hedging property largely reflects this shift in the economic environment, not necessarily a fundamental change in bond characteristics. If inflationary pressures abate and the frequency of adverse supply shocks declines, bonds' hedging property is likely to improve.
* * *
References
Amundi Investment Institute (2025). "Rethinking the Stock-Bond Correlation." Working Paper 171, March 2025.
Boehm, Christoph E., and T. Niklas Kroner (2026). "The U.S., Economic News, and the Global Financial Cycle." Review of Economic Studies, 93: 215-249.
Covitz, Daniel, and Eric Engstrom (2026). "Why have far-forward nominal Treasury rates increased so much in the past few years? Old risks reemerge in an era of Fed credibility." FEDS Notes, Board of Governors of the Federal Reserve System, February 12, 2026.
Galvao, Ana and Bjorn van Roye (2023). "Economic Data Surprise Indexes" Bloomberg White paper.
Kim, Hakyung (2026). "Bonds have been a poor hedge during the war in Iran." Financial Times, April 18, 2026.
1. The views expressed here are solely those of the authors and should not be interpreted as reflecting the views of the Board of Governors, its staff, or any other person associated with the Federal Reserve System. We thank Stephanie Curcuru and Raven Molloy for very useful comments. Return to text
2. This correlation-based measure provides a simple and transparent view of bond hedging property, though it represents a partial view of bond risk. A complete assessment would also consider duration risk, credit risk, and liquidity risk. Return to text
3. The survey is semi-annual (April and October) from 1990 to approximately 2014, then quarterly thereafter. Alternatively, we could use inflation compensation measures from inflation-linked bonds or inflation swaps, but such measures become available only later in the sample period. Return to text
4. The Bloomberg economic surprise indices are not available for the pre-2000 period. See Galvao and van Roye (2023) for detailed description of these indices. Return to text
5. We exclude the 2020-2021 Covid pandemic period from the analysis as economic releases became less useful during the pandemic, and it took some time for them to go back to normal. Return to text
Please cite this note as:
Li, Canlin, and Emre Yoldas (2026). "Government Bonds' Safe-Haven Property and Inflationary Pressures," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, October 16, 2026, https://doi.org/10.17016/2380-7172.4128.
Disclaimer: FEDS Notes are articles in which Board staff offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers and IFDP papers.
* * *
Original text here: https://www.federalreserve.gov/econres/notes/feds-notes/government-bonds-safe-haven-property-and-inflationary-pressures-20261016.html
* * *
October 16, 2026
Government Bonds' Safe-Haven Property and Inflationary Pressures
Canlin Li and Emre Yoldas1
1. Introduction
Earlier this year, escalation of the conflict in the Middle East resulted in sharp declines in major stock indexes as energy prices rose and the global economic outlook deteriorated, but prices of long-term government bonds in major advanced economies also declined (Figure 1). This prompted some commentators to question the premise that government bonds in these major advanced economies ... Show Full Article WASHINGTON, Oct. 17 -- The Federal Reserve issued the following Fed Notes article: * * * October 16, 2026 Government Bonds' Safe-Haven Property and Inflationary Pressures Canlin Li and Emre Yoldas1 1. Introduction Earlier this year, escalation of the conflict in the Middle East resulted in sharp declines in major stock indexes as energy prices rose and the global economic outlook deteriorated, but prices of long-term government bonds in major advanced economies also declined (Figure 1). This prompted some commentators to question the premise that government bonds in these major advanced economieswill rally in times of increased risk aversion and serve as a safe haven for investors (see for example, Kim, 2026). In this note we argue that the type of economic shock and inflationary dynamics matter greatly in determining whether bonds provide portfolio insurance and how investors assess their riskiness.
* * *
Figure 1. Stock and Bond Returns in March 2026
* * *
Conventional wisdom suggests that central banks should look through temporary adverse supply shocks, such as the recent oil price spikes caused by the Middle East conflict. However, these shocks may prove persistent and have second-round effects leading to higher inflation expectations by households and firms. Such considerations are crucial when adverse supply shocks hit the economy in an environment of above-target inflation as persistent deviations from inflation targets may eventually lead inflation expectations to settle at a higher level. Against such a backdrop, bond markets could price in a significantly higher policy path in response to these adverse supply shocks as a tighter policy stance can ensure inflationary effects do not broaden and inflation expectations remain stable. This undermines the traditional safe-haven dynamics. In contrast, when inflation runs close to target and policymakers are not concerned about stability of inflation expectations, bonds can rally even in response to an adverse supply shock as policymakers can lower interest rates to cushion the hit to economic growth.
Motivated by these ideas, we use historical data on stock-bond correlations and inflation forecasts in three major advanced economies to show that the hedging property of bonds crucially depends on stability of inflation expectations and inflationary pressures. We also provide evidence from reactions of stock returns and bond yields to economic news that supports this hypothesis.
2. Stock-Bond Correlations and Inflation Regimes
Before examining the historical patterns, it is useful to understand conceptually how inflation dynamics can affect stock-bond correlations.2 In this note, we focus on the correlation between stock returns and bond yield changes. Therefore, positive correlation means falling stock prices coincide with falling yields (i.e. rising bond prices), as bonds provide portfolio insurance to investors. Negative correlation means falling stock prices coincide with rising yields (i.e. falling bond prices), amplifying portfolio losses on risky assets such as stocks.
Bonds' hedging property depends critically on the inflation environment and the kinds of shocks hitting the economy. When inflation is near target and expectations are well anchored, central banks can ease in response to adverse demand or supply shocks without threatening price stability, so bond prices rise when stock prices fall. However, if inflationary pressures are rising and output is close to potential, central banks may face a tradeoff between supporting growth and maintaining price stability. Adverse supply shocks, particularly those arriving amid above-target inflation, may pose similar challenges as central banks may need to keep policy tight to ensure stability of long-term inflation expectations (Covitz and Engstrom, 2026). In these cases, stock and bond prices can fall together.
2.1 Stock-Bond Correlations Across Three Historical Periods
Figure 2 shows how our measures of stock-bond correlations have evolved in the U.S., the euro area, and the U.K. using a 1-year rolling window. The figure reveals some broad patterns: the correlations were deep into negative territory in the early 1990s, were positive for most of the two decades from 2000 to the Covid pandemic, and then switched to negative in recent years. Table 1 provides a summary of the correlations for each period, isolating the noise from short-term fluctuations in the rolling sample. The patterns are broadly consistent with three distinct inflation regimes, which we will analyze next.
* * *
Figure 2. Stock-Bond Correlations
* * *
Table 1. Stock-Bond Correlations Across Three Historical Periods
Country ... Pre-2000 ... 2000-2021 ... Post-2021
United States ... -0.26 ... 0.4 ... -0.09
Euro Area ... -0.28 ... 0.41 ... -0.02
United Kingdom ... -0.29 ... 0.31 ... -0.14
Note: Stock-bond correlation measured as correlation between stock returns and changes in 10-year government bond yields over the entire period (not rolling window). Stock returns are based on the S&P 500, Euro Stoxx, and FTSE 100 indexes for the United States, the euro area, and the United Kingdom, respectively. Euro-area bond yields are German 10-year government bond yields. Positive correlation indicates stocks and yields move together; negative correlation indicates stocks and yields move in opposite directions. Sample: 1990-01-01 to 2026-07-31.
Source: Bloomberg.
2.2 Inflation Regimes
We examine the historical evolution of forward-looking inflation measures over the periods discussed above with respect to inflation forecasts from the Consensus Economics survey.3 Figures 3 and 4 plot 1-year and 6-to-10-year ahead inflation forecasts, respectively, over time with the 2 percent inflation goals marked by dashed lines. The 1-year horizon captures near-term inflationary pressures, which shape investors' expectations for the policy path, while the 6-to-10-year horizon indicates whether longer-term inflation expectations remain anchored at those goals.
* * *
Figure 3. One-Year Ahead Inflation Expectations
Figure 4. Six-to-Ten-Year Ahead Inflation Expectations
* * *
Pre-2000 (Establishing policy credibility): In the early 1990s, inflation expectations were elevated but moved lower and stabilized in the subsequent years as central banks established credibility. The evolution of stock bond correlations in 1990s was consistent with this change in inflation dynamics. Early in the decade, bonds amplified stock downturns in a portfolio, but later in the decade became a hedging asset. The anchoring of inflation expectations gave central banks flexibility to ease in response to adverse demand and supply shocks and support the economy, which made bonds a safe haven for investors in times of falling stock prices.
2000-2021 (Low inflation era): Correlations rose to strongly positive levels, and bonds became an excellent hedging asset during the Global Financial Crisis (GFC) and subsequent years, in part because of quantitative easing (QE). Long-term inflation expectations remained anchored, giving central banks flexibility to ease aggressively in response to market stress and economic weakness. This policy flexibility ensured that bonds rallied when stocks fell, producing the strong positive correlation observed during this period.
Post-2021 (Inflation makes a comeback): In recent years correlations returned to negative territory across all three economies, indicating severe deterioration in bonds' hedging property (Amundi Investment Institute, 2025). The key change was not a fundamental shift in the stability of longer-term inflation expectations, but rather a change in the mix of economic shocks requiring a different monetary policy response. First, the pandemic-induced inflationary pressures proved more persistent and required significantly higher real rates to bring inflation down and ensure stability of longer-term inflation expectations. This created a market environment where it was common for stock and bond prices to fall simultaneously. More recently, adverse supply shocks pushing prices higher in an economy already experiencing above-target inflation led to expectations of tighter policy even during periods of market stress. Bonds' safe-haven dynamics of the low-inflation era broke down.
The historical relationship between stock-bond correlations and the inflation backdrop strongly suggests a systematic relationship between inflationary dynamics and the hedging property of bonds. We next turn to an event study analysis to offer further evidence for this hypothesis.
2.3 Asset Responses to Inflation News
Prior work has established that U.S. macroeconomic news has substantial effects on global financial markets (Boehm and Kroner, 2026), making it natural to study responses across multiple countries simultaneously. Hence, we estimate regressions of each country's daily stock returns and bond yield changes on all three countries' daily inflation surprise indices from Bloomberg (we also include the growth surprise indices as control variables).4
Table 2 presents the estimated asset responses to inflation news for the 2000-2019 and post-2021 periods.5 During 2000-2019, bond yields showed only modest sensitivity to inflation news and commensurately stock return responses were insignificant. During this period, inflationary pressures were subdued on average and adverse supply shocks were not common, so investors did not anticipate a significant and sustained change in real interest rates driven by inflation news. As a result, stock prices did not react significantly to inflation news. The modest bond yield increases likely reflected the change in inflation compensation component in response to incoming inflation data.
* * *
Table 2: Asset Responses to Multi-Country Inflation News
* * *
Post 2021, the picture changes dramatically. Higher-than-expected U.S. inflation news now raises U.S. 10-year yields about three times as much as before and also significantly lifts euro-area and U.K. yields, which did not respond to U.S. inflation news in the 2000-2019 sample. The Fed's global influence was present in both periods, so this change in spillovers likely reflects how much more U.S. inflation news moved investor expectations for Fed policy as U.S. inflation has remained above target since 2021. Stock returns also fall significantly on own-country inflation surprises in the post 2021 period, reflecting increased inflationary pressures. When inflationary pressures are strong, each inflation data release may carry heightened significance because investors reassess central banks' future policy paths and surrounding risks. Moreover, expectations for significantly tighter monetary policy in reaction to adverse inflation news suggest potential growth headwinds, which is bad news for stock investors.
Together, these patterns demonstrate that bond hedging property is not a fixed characteristic but depends critically on the macroeconomic environment and the types of economic shocks. The amplification of bond yield sensitivity to inflation news is the central mechanism breaking bonds' traditional safe-haven dynamics.
3. Discussion and Conclusion
Our analysis shows that government bonds' hedging property depends critically on the inflation environment and the types of economic shocks hitting the economy. When inflationary pressures are limited and inflation expectations are well-anchored, bonds provide reliable hedging because central banks can ease in response to both adverse demand and supply shocks that weigh on stocks. This was the typical experience during the GFC and its aftermath, which solidified bonds' safe-haven role. However, when inflationary pressures build up, such as following the Covid pandemic, the required monetary policy response changes; central banks must balance supporting real activity against their price stability objectives, which breaks the traditional flight-to-quality dynamics. In addition, adverse supply shocks may lead investors to expect tighter monetary policy as central banks seek to keep inflation expectations stable. The result is again a deterioration in bonds' hedging property. Our analysis of historical evolution of stock-bond correlations in relation to inflation regimes and different responses of asset prices to inflation news over time support these conjectures. The post 2021 deterioration in bonds' hedging property largely reflects this shift in the economic environment, not necessarily a fundamental change in bond characteristics. If inflationary pressures abate and the frequency of adverse supply shocks declines, bonds' hedging property is likely to improve.
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References
Amundi Investment Institute (2025). "Rethinking the Stock-Bond Correlation." Working Paper 171, March 2025.
Boehm, Christoph E., and T. Niklas Kroner (2026). "The U.S., Economic News, and the Global Financial Cycle." Review of Economic Studies, 93: 215-249.
Covitz, Daniel, and Eric Engstrom (2026). "Why have far-forward nominal Treasury rates increased so much in the past few years? Old risks reemerge in an era of Fed credibility." FEDS Notes, Board of Governors of the Federal Reserve System, February 12, 2026.
Galvao, Ana and Bjorn van Roye (2023). "Economic Data Surprise Indexes" Bloomberg White paper.
Kim, Hakyung (2026). "Bonds have been a poor hedge during the war in Iran." Financial Times, April 18, 2026.
1. The views expressed here are solely those of the authors and should not be interpreted as reflecting the views of the Board of Governors, its staff, or any other person associated with the Federal Reserve System. We thank Stephanie Curcuru and Raven Molloy for very useful comments. Return to text
2. This correlation-based measure provides a simple and transparent view of bond hedging property, though it represents a partial view of bond risk. A complete assessment would also consider duration risk, credit risk, and liquidity risk. Return to text
3. The survey is semi-annual (April and October) from 1990 to approximately 2014, then quarterly thereafter. Alternatively, we could use inflation compensation measures from inflation-linked bonds or inflation swaps, but such measures become available only later in the sample period. Return to text
4. The Bloomberg economic surprise indices are not available for the pre-2000 period. See Galvao and van Roye (2023) for detailed description of these indices. Return to text
5. We exclude the 2020-2021 Covid pandemic period from the analysis as economic releases became less useful during the pandemic, and it took some time for them to go back to normal. Return to text
Please cite this note as:
Li, Canlin, and Emre Yoldas (2026). "Government Bonds' Safe-Haven Property and Inflationary Pressures," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, October 16, 2026, https://doi.org/10.17016/2380-7172.4128.
Disclaimer: FEDS Notes are articles in which Board staff offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers and IFDP papers.
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Original text here: https://www.federalreserve.gov/econres/notes/feds-notes/government-bonds-safe-haven-property-and-inflationary-pressures-20261016.html
FCC Public Safety & Homeland Security Bureau Issues Public Notice: Conditional Approval, Exemption of Certain Advanced Robotic Devices, Power Inverters From FCC Covered List
WASHINGTON, Oct. 17 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (WC Docket No. 18-89; ET Docket No. 21-232; EA Docket No. 21-233):
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The Federal Communications Commission's (FCC or Commission) Public Safety and Homeland Security Bureau (PSHSB or Bureau) maintains a list of equipment and services (Covered List) that have been determined to "pose an unacceptable risk to the national security of the United States or the security and safety of United States persons."/1 Pursuant to Section 2 of the Secure and Trusted Communications ... Show Full Article WASHINGTON, Oct. 17 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (WC Docket No. 18-89; ET Docket No. 21-232; EA Docket No. 21-233): * * * The Federal Communications Commission's (FCC or Commission) Public Safety and Homeland Security Bureau (PSHSB or Bureau) maintains a list of equipment and services (Covered List) that have been determined to "pose an unacceptable risk to the national security of the United States or the security and safety of United States persons."/1 Pursuant to Section 2 of the Secure and Trusted CommunicationsNetworks Act of 2019 (Secure Networks Act)/2 and sections 1.50002(a) and 1.50003 of the Commission's rules,/3 PSHSB announces that the Department of War (DoW) has granted Conditional Approval for certain foreign-produced advanced robotic devices and power inverters. Therefore, such devices are exempt from the Covered List.
Addition of Advanced Robotic Devices and Power Inverters to the Covered List
Advanced Robotic Devices. On July 28, 2026, the Commission added to the Covered List "foreign-produced advanced robotic devices, except advanced robotic devices which have been granted a Conditional Approval by DoW."/4 This addition was based on a National Security Determination from an Executive Branch interagency body, including several appropriate national security agencies, determining (among other things) that advanced robotic devices produced in a foreign country pose an unacceptable risk to the national security of the United States and to the safety and security of U.S. persons./5
Power Inverters. On July 28, 2026, PSHSB added to the Covered List "[f]oreign-produced power inverters, except power inverters which have been granted a Conditional Approval by DoW or DHS."/6 This action was based on a National Security Determination from an Executive Branch interagency body, including several appropriate national security agencies, determining (among other things) that power inverters produced in a foreign country pose an unacceptable risk to the national security of the United States and to the safety and security of U.S. persons./7
On August 19, 2026, the Commission received another National Security Determination from DoW that contained additional determinations related to foreign-produced power inverters. First, DoW determined that certain foreign-produced power inverters that are eligible for certain clean energy tax credits do not pose unacceptable risks to the national security of the United States or to the safety and security of U.S. persons. Second, DoW determined that the definition of "power inverters" should be revised to accurately reflect the specific power inverters that the Executive Branch interagency body and the DoW previously determined to pose unacceptable risks to the national security of the United States or to the security and safety of U.S. persons./8 On August 20, 2026, PSHSB updated the Covered List to implement these determinations.
Conditional Approvals
The Executive Branch interagency body established a process by which entities producing certain covered equipment in foreign countries can request DoW to evaluate whether such devices do not pose unacceptable risks to national security and receive Conditional Approvals that would exempt such devices from the Covered List. The Commission has previously updated the Covered List to reflect the Conditional Approvals that we have received from DoW exempting certain advanced robotic devices and power inverters from the Covered List./9
On October 15, 2026, the Commission received National Security Determinations from DoW granting Conditional Approvals for the following devices:
- Volley Automation, Inc.'s automated guided vehicles and autonomous mobile robots (AGV/AMR)
- Dynapower Company, LLC's CPS-2500, CPS-1250, and MPS-125 series power inverters
- Power Electronics Espana, S.L.U.'s GEN3 platform utility-scale solar power inverters, including the HEM and the PCSM & Multi PCSM bidirectional battery storage inverters
Consistent with the National Security Determinations, these exemptions from the FCC's Covered List are subject to the companies' continuing "compliance with the onshoring plan[s] outlined in [their] conditional approval application[s]" and "pursuant to updated vetting of [their] products."/10
The Covered List
We find that the Conditional Approval constitutes "a specific determination" by DoW that such devices do not pose risks to U.S. national security./11 Therefore, we conclude that PSHSB is required to update the Covered List to exclude the equipment identified in the Conditional Approval.
PSHSB takes this action under its authority and obligation to publish and maintain the Covered List. Sections 1.50002(a) and 1.50003 of the Commission's rules require PSHSB to publish the Covered List on the Commission's website, to maintain and update the Covered List, and to monitor the status of determinations./12
The Covered List and the list of devices that have received Conditional Approvals are attached as Appendices A and B to this Public Notice and can also be found on the Bureau's website at https://www.fcc.gov/supplychain/coveredlist./13
We note the continued availability of FCC staff guidance pursuant to sections 0.191 and 0.31(i) of the Commission's rules. Commission staff will provide guidance to TCBs, test labs, and equipment authorization applicants on the impact of these updates.
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Footnotes:
1/ Secure and Trusted Communications Networks Act of 2019, Pub. L. No. 116-124, 133 Stat. 158 (2020) (codified as amended at 47 U.S.C. Sec.Sec. 1601-1609) (Secure Networks Act); 47 CFR Sec.Sec. 1.50002, 1.50003. For the current version of the Covered List, see Federal Communications Commission, List of Equipment and Services Covered By Section 2 of The Secure Networks Act, https://www.fcc.gov/supplychain/coveredlist (last updated Oct. 16, 2026).
2/ 47 U.S.C. Sec. 1601.
3/ 47 CFR Sec.Sec. 1.50002(a), 1.50003; see also Protecting Against National Security Threats to the Communications Supply Chain Through FCC Programs, WC Docket No. 18-89, Second Report and Order, 35 FCC Rcd 14284 (2020) (Supply Chain Second Report and Order).
4/ FCC's Public Safety and Homeland Security Bureau Announces Addition of Foreign-Produced Power Inverters and Advanced Robotic Devices to FCC Covered List, WC Docket No. 18-89, Public Notice, DA 26-786 (July 28, 2026) (Power Inverters and Robotics Public Notice).
5/ Power Inverters and Robotics Public Notice at 2-3.
6/ Id. at 1-2.
7/ Power Inverters and Robotics Public Notice at 1-2.
8/ See Appendix B.
9/ See, e.g., FCC's Public Safety and Homeland Security Bureau Announces Conditional Approval and Exemption of Certain Advanced Robotic Devices from FCC Covered List, WC Docket No. 18-89, Public Notice, DA-26-996 (Sept. 18, 2026); FCC's Public Safety and Homeland Security Bureau Announces Conditional Approval and Exemption of Certain Power Inverters, WC Docket No. 18-89, Public Notice, DA-26-1089 (Oct. 9, 2026). The list of devices that have received Conditional Approvals can be found on the Bureau's website at https://www.fcc.gov/supplychain/coveredlist.
10/ Additionally, for Volley Automation, the National Security Determination states that failure to comply with the onshoring plan or the discovery of a false statement or misrepresentation in the Conditional Approval application could result in termination of the Conditional Approval and return of the equipment to the FCC's Covered List.
11/ July 2026 Power Inverters PN, Appx. B.
12/ 47 CFR Sec.Sec. 1.50002(a), 1.50003. See Supply Chain Second Report and Order, 35 FCC Rcd at 14319, 14325, paras. 72, 77, 92.
13/ The FCC website also contains a list of certain affiliates and subsidiaries of entities identified on the Covered List. The list of affiliates and subsidiaries does not constitute a comprehensive list of all entities that the Commission may find, upon further examination, to qualify as relevant subsidiaries or affiliates of entities on the Covered List. Those entities, whether or not they currently provide covered communications equipment or services, are subject to the Commission's prohibitions, such as the prohibition against obtaining authorizations for covered equipment. See Reminder: Communications Equipment and Services on the Covered List Pose an Unacceptable Risk to National Security, National Security Advisory No. 2025-01, DA 25-927, n.3 (PSHSB Oct. 14, 2025).
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Original text plus appendix here: https://docs.fcc.gov/public/attachments/DA-26-1114A1.pdf
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The Federal Communications Commission's (FCC or Commission) Public Safety and Homeland Security Bureau (PSHSB or Bureau) maintains a list of equipment and services (Covered List) that have been determined to "pose an unacceptable risk to the national security of the United States or the security and safety of United States persons."/1 Pursuant to Section 2 of the Secure and Trusted Communications ... Show Full Article WASHINGTON, Oct. 17 -- The Federal Communications Commission Public Safety and Homeland Security Bureau issued the following public notice (WC Docket No. 18-89; ET Docket No. 21-232; EA Docket No. 21-233): * * * The Federal Communications Commission's (FCC or Commission) Public Safety and Homeland Security Bureau (PSHSB or Bureau) maintains a list of equipment and services (Covered List) that have been determined to "pose an unacceptable risk to the national security of the United States or the security and safety of United States persons."/1 Pursuant to Section 2 of the Secure and Trusted CommunicationsNetworks Act of 2019 (Secure Networks Act)/2 and sections 1.50002(a) and 1.50003 of the Commission's rules,/3 PSHSB announces that the Department of War (DoW) has granted Conditional Approval for certain foreign-produced advanced robotic devices and power inverters. Therefore, such devices are exempt from the Covered List.
Addition of Advanced Robotic Devices and Power Inverters to the Covered List
Advanced Robotic Devices. On July 28, 2026, the Commission added to the Covered List "foreign-produced advanced robotic devices, except advanced robotic devices which have been granted a Conditional Approval by DoW."/4 This addition was based on a National Security Determination from an Executive Branch interagency body, including several appropriate national security agencies, determining (among other things) that advanced robotic devices produced in a foreign country pose an unacceptable risk to the national security of the United States and to the safety and security of U.S. persons./5
Power Inverters. On July 28, 2026, PSHSB added to the Covered List "[f]oreign-produced power inverters, except power inverters which have been granted a Conditional Approval by DoW or DHS."/6 This action was based on a National Security Determination from an Executive Branch interagency body, including several appropriate national security agencies, determining (among other things) that power inverters produced in a foreign country pose an unacceptable risk to the national security of the United States and to the safety and security of U.S. persons./7
On August 19, 2026, the Commission received another National Security Determination from DoW that contained additional determinations related to foreign-produced power inverters. First, DoW determined that certain foreign-produced power inverters that are eligible for certain clean energy tax credits do not pose unacceptable risks to the national security of the United States or to the safety and security of U.S. persons. Second, DoW determined that the definition of "power inverters" should be revised to accurately reflect the specific power inverters that the Executive Branch interagency body and the DoW previously determined to pose unacceptable risks to the national security of the United States or to the security and safety of U.S. persons./8 On August 20, 2026, PSHSB updated the Covered List to implement these determinations.
Conditional Approvals
The Executive Branch interagency body established a process by which entities producing certain covered equipment in foreign countries can request DoW to evaluate whether such devices do not pose unacceptable risks to national security and receive Conditional Approvals that would exempt such devices from the Covered List. The Commission has previously updated the Covered List to reflect the Conditional Approvals that we have received from DoW exempting certain advanced robotic devices and power inverters from the Covered List./9
On October 15, 2026, the Commission received National Security Determinations from DoW granting Conditional Approvals for the following devices:
- Volley Automation, Inc.'s automated guided vehicles and autonomous mobile robots (AGV/AMR)
- Dynapower Company, LLC's CPS-2500, CPS-1250, and MPS-125 series power inverters
- Power Electronics Espana, S.L.U.'s GEN3 platform utility-scale solar power inverters, including the HEM and the PCSM & Multi PCSM bidirectional battery storage inverters
Consistent with the National Security Determinations, these exemptions from the FCC's Covered List are subject to the companies' continuing "compliance with the onshoring plan[s] outlined in [their] conditional approval application[s]" and "pursuant to updated vetting of [their] products."/10
The Covered List
We find that the Conditional Approval constitutes "a specific determination" by DoW that such devices do not pose risks to U.S. national security./11 Therefore, we conclude that PSHSB is required to update the Covered List to exclude the equipment identified in the Conditional Approval.
PSHSB takes this action under its authority and obligation to publish and maintain the Covered List. Sections 1.50002(a) and 1.50003 of the Commission's rules require PSHSB to publish the Covered List on the Commission's website, to maintain and update the Covered List, and to monitor the status of determinations./12
The Covered List and the list of devices that have received Conditional Approvals are attached as Appendices A and B to this Public Notice and can also be found on the Bureau's website at https://www.fcc.gov/supplychain/coveredlist./13
We note the continued availability of FCC staff guidance pursuant to sections 0.191 and 0.31(i) of the Commission's rules. Commission staff will provide guidance to TCBs, test labs, and equipment authorization applicants on the impact of these updates.
* * *
Footnotes:
1/ Secure and Trusted Communications Networks Act of 2019, Pub. L. No. 116-124, 133 Stat. 158 (2020) (codified as amended at 47 U.S.C. Sec.Sec. 1601-1609) (Secure Networks Act); 47 CFR Sec.Sec. 1.50002, 1.50003. For the current version of the Covered List, see Federal Communications Commission, List of Equipment and Services Covered By Section 2 of The Secure Networks Act, https://www.fcc.gov/supplychain/coveredlist (last updated Oct. 16, 2026).
2/ 47 U.S.C. Sec. 1601.
3/ 47 CFR Sec.Sec. 1.50002(a), 1.50003; see also Protecting Against National Security Threats to the Communications Supply Chain Through FCC Programs, WC Docket No. 18-89, Second Report and Order, 35 FCC Rcd 14284 (2020) (Supply Chain Second Report and Order).
4/ FCC's Public Safety and Homeland Security Bureau Announces Addition of Foreign-Produced Power Inverters and Advanced Robotic Devices to FCC Covered List, WC Docket No. 18-89, Public Notice, DA 26-786 (July 28, 2026) (Power Inverters and Robotics Public Notice).
5/ Power Inverters and Robotics Public Notice at 2-3.
6/ Id. at 1-2.
7/ Power Inverters and Robotics Public Notice at 1-2.
8/ See Appendix B.
9/ See, e.g., FCC's Public Safety and Homeland Security Bureau Announces Conditional Approval and Exemption of Certain Advanced Robotic Devices from FCC Covered List, WC Docket No. 18-89, Public Notice, DA-26-996 (Sept. 18, 2026); FCC's Public Safety and Homeland Security Bureau Announces Conditional Approval and Exemption of Certain Power Inverters, WC Docket No. 18-89, Public Notice, DA-26-1089 (Oct. 9, 2026). The list of devices that have received Conditional Approvals can be found on the Bureau's website at https://www.fcc.gov/supplychain/coveredlist.
10/ Additionally, for Volley Automation, the National Security Determination states that failure to comply with the onshoring plan or the discovery of a false statement or misrepresentation in the Conditional Approval application could result in termination of the Conditional Approval and return of the equipment to the FCC's Covered List.
11/ July 2026 Power Inverters PN, Appx. B.
12/ 47 CFR Sec.Sec. 1.50002(a), 1.50003. See Supply Chain Second Report and Order, 35 FCC Rcd at 14319, 14325, paras. 72, 77, 92.
13/ The FCC website also contains a list of certain affiliates and subsidiaries of entities identified on the Covered List. The list of affiliates and subsidiaries does not constitute a comprehensive list of all entities that the Commission may find, upon further examination, to qualify as relevant subsidiaries or affiliates of entities on the Covered List. Those entities, whether or not they currently provide covered communications equipment or services, are subject to the Commission's prohibitions, such as the prohibition against obtaining authorizations for covered equipment. See Reminder: Communications Equipment and Services on the Covered List Pose an Unacceptable Risk to National Security, National Security Advisory No. 2025-01, DA 25-927, n.3 (PSHSB Oct. 14, 2025).
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Original text plus appendix here: https://docs.fcc.gov/public/attachments/DA-26-1114A1.pdf