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.
Congress Voted to Expand Presidential Tariff Power—Now It Owns What Comes Next
English Summary
Congress has significantly expanded presidential tariff authority by passing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, allowing the executive to impose up to 100% tariffs on key buyers of Russian energy and sanctions enablers. The article argues that this legislation represents a dangerous abdication of Congress's Article I authority, as it grants the executive vast, discretionary power without specifying criteria for enforcement. Historically, the executive could claim tariffs were its own doing; however, by writing and passing this new authority, Congress now owns the resulting trade policy and its economic consequences. This shift implies that future tariffs will be viewed by the public as a direct legislative action, potentially undermining the administration's credibility and creating political vulnerability.
中文摘要
國會通過《林賽·O·格雷厄姆俄羅斯和伊朗制裁法案》（Lindsey O. Graham Sanctioning Russia and Iran Act of 2026），大幅擴大了總統的關稅權力，允許行政部門對俄羅斯能源和制裁幫兇的主要購買國徵收高達100%的關稅。本文論點指出，這項立法代表了國會對其《第一條》權力的危險放棄，因為它授予行政部門了巨大的、可自行判斷的權力，卻沒有明確規定執行標準。歷史上，行政部門可以聲稱關稅是其自行決定；然而，透過撰寫和通過這項新權力，國會現在擁有由此產生的貿易政策及其經濟後果。這一轉變暗示，未來徵收的關稅將被公眾視為直接的立法行動，這可能會削弱行政部門的公信力，並造成政治上的脆弱性。
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