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.
How rising electric rates could affect the 2026 midterms
English Summary
Rising electricity costs are emerging as a dominant and bipartisan political issue that will define the 2026 midterms. The primary evidence centers on significant increases in electric rates, which are increasingly linked by the public and politicians to the energy demands of large data centers and tech infrastructure. Strategically, candidates are leveraging public concern over this 'techlash' by proposing tough legislative remedies, such as moratoriums on data centers or implementing 'large load' tariffs. This suggests that political success will hinge on candidates moving beyond general 'affordability' rhetoric and presenting specific, targeted plans to address energy costs and the role of the digital economy.
中文摘要
不斷上漲的電費正成為一項主導且跨黨派的政治議題，將定義2026年中期選舉。主要證據集中在電價的大幅上漲，公眾和政客越來越將此與大型資料中心和科技基礎設施的能源需求掛鉤。從策略上看，候選人正利用公眾對此「科技衝擊」（techlash）的擔憂，提出嚴格的立法解決方案，例如對資料中心實施暫停令，或實行「大型負載」電價附加費。這表明，政治成功將取決於候選人能否超越籠統的「可負擔性」修辭，轉而提出具體、有針對性的計畫來解決能源成本和數位經濟的定位問題。
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