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.
The surreal experience of meeting Khamenei
English Summary
Ambassador Jeffrey Feltman reflects on his 2012 meeting with Ayatollah Ali Khamenei, highlighting the Supreme Leader's paranoid obsession with United States 'enmity' and his conviction that America was a declining, malicious power. During the encounter, Khamenei ignored standard diplomatic topics to deliver a lengthy monologue indicting U.S. foreign policy and predicting its internal collapse, dismissing diplomatic overtures as deceptive ruses. This rigid ideological hostility drove Iran’s regional proxy warfare and nuclear ambitions, indicating that Khamenei viewed negotiations primarily as a tactical means to buy time. The reflection underscores how the Supreme Leader's unshakeable distrust shaped decades of Iranian policy, persisting through major escalations until his death in early 2026.
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