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.
Iran War Shows Vulnerability of US Forward Bases
English Summary
The conflict with Iran demonstrated that US forward military bases are highly vulnerable to sustained attacks, regardless of the US's conventional military overmatch. Iran leveraged its proximity and ability to launch missiles and drones against multiple US bases across the region, forcing the Pentagon to consider remote operations. This vulnerability necessitates a strategic reevaluation of the operational value of large, forward-deployed bases, raising questions about their utility in modern conflict and potentially impacting basing strategies across both the Middle East and the Indo-Pacific.
中文摘要
與伊朗的衝突顯示，美國的前進軍事基地極易遭受持續性攻擊，即使美國擁有常規軍事上的壓倒性優勢亦然。伊朗利用其地理接近性，對該地區多個美國基地發射飛彈和無人機，迫使五角大廈考慮遠程作戰。這種脆弱性要求對大型前進部署基地的操作價值進行戰略性重新評估，引發了關於其在現代衝突中效用性的疑問，並可能影響中東和印度-太平洋地區的基地部署戰略。
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