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.
Five things to watch as Trump goes to Beijing
English Summary
The anticipated Trump-Xi summit is expected to center on extending the existing trade truce, with the U.S. seeking large-scale Chinese purchases of goods and China aiming to preserve access to U.S. technology. Beyond trade, Beijing will subtly press for rhetorical concessions on Taiwan and the adoption of a 'mutual respect' framework, signaling an implicit acceptance of China's core interests. The outcome is highly significant, as it will define the U.S.-China relationship trajectory, determining whether the relationship settles into stable, managed cooperation or escalates into deeper strategic tension across global issues like AI and the Middle East.
中文摘要
預計的川習峰會預計將圍繞延長現有的貿易休戰展開，美國尋求中國大規模購買商品，而中國則旨在維持對美國技術的獲取權。除了貿易議題外，北京將會巧妙地爭取在台灣問題上獲得言辭上的讓步，並推動採納「相互尊重」的框架，這暗示了對中國核心利益的默認接受。此次峰會的結果極為重要，它將決定美中關係的發展軌跡，判斷雙邊關係是將穩定為可管理的合作，還是會因人工智慧和中東等全球議題而升級為更深層次的戰略緊張局勢。
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