The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
Dispatch from Ukraine
English Summary
Ukraine demonstrates remarkable resilience and technological adaptability despite continuous Russian attacks on civilian infrastructure and critical services. While Kyiv's military is adapting through innovative drone warfare and strikes, its long-term stability requires sustained international support to counter Russia’s escalating threats. Strategically, the U.S. must coordinate with key European powers (E3) due to shifting political attention, while immediately deploying negotiators to Ukraine to gain ground truth and plan for potential escalation scenarios.
中文摘要
儘管俄羅斯持續攻擊烏克蘭的民用基礎設施和關鍵服務，烏克蘭展現了卓越的韌性和技術適應性。雖然基輔軍方正透過創新的無人機作戰和打擊來進行適應，但其長期穩定性需要持續的國際支持來抵禦俄羅斯日益加劇的威脅。從戰略角度來看，由於政治關注點正在轉移，美國必須與主要的歐洲強國（E3）進行協調；同時應立即向烏克蘭部署談判代表，以掌握實地情況並為潛在的升級情景做好規劃。
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