Today these instruments get their inputs from the plane's GPS (Global Positioning System) and are fairly sensitive and accurate, but decades ago, when I was a young man first learning to fly in the clouds, they got their information from radio beacons stationed on the ground and were quite squirrelly.
This is not to imply that we are complacently satisfied with all aspects of our country’s wholesale payment arrangements, but rather that we do not feel that a review of the Federal Reserve’s role in them is needed at this time.