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 Fed Is Working on a CBDC, Despite Executive Order
English Summary
Despite a presidential executive order attempting to halt development, the Federal Reserve appears to be advancing a Central Bank Digital Currency (CBDC) through participation in Project Agorá. This initiative utilizes tokenization on a shared ledger for cross-border payments, effectively creating a wholesale CBDC by tokenizing central bank reserves and commercial deposits. By framing this effort as a 'technical upgrade' involving 'tokenized reserves,' the Fed is attempting to navigate legal loopholes and bypass political opposition associated with the term CBDC. This suggests that advanced digital currency development may proceed through technical workarounds, requiring increased scrutiny from Congress regarding compliance and policy intent.
中文摘要
儘管總統行政命令試圖叫停發展，聯邦儲備系統（Fed）似乎正透過參與「阿哥拉專案」（Project Agorá），推動中央銀行數位貨幣（CBDC）。該計畫利用共享帳本進行代幣化，以實現跨境支付，本質上是透過將中央銀行準備金和商業存款代幣化，創建了批發型央行數位貨幣。聯準會藉由將此努力定調為涉及「代幣化準備金」的「技術升級」，試圖規避法律漏洞並繞過與CBDC一詞相關的政治阻力。這表明先進數位貨幣的發展可能透過技術性規避方式進行，要求國會對其合規性和政策意圖提出更嚴格的審查。
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