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.
2026 Securing Ukraine's Future Symposium
English Summary
European leaders at the 2026 CFR symposium characterized the war in Ukraine as a generational conflict that has fundamentally transformed Russia into a direct, long-term threat to the continent. To maintain support amidst uncertain U.S. funding, European nations are aggressively increasing defense spending and industrial capacity while fostering Ukraine’s own domestic military-industrial base. Strategic priorities have shifted toward 'strategic autonomy' within NATO, emphasizing robust security guarantees and the deep integration of Ukraine into Western institutions to ensure a durable peace. The panel concluded that European security now depends on transitioning from security consumption to active partnership through sustained military and economic commitment.
中文摘要
歐洲領導人在 2026 年外交關係協會 (CFR) 研討會上，將烏克蘭戰爭定性為一場跨世代的衝突，並認為這場戰爭已從根本上使俄羅斯成為對歐洲大陸的直接且長期威脅。為了在美國資助前景不明的情況下維持支持，歐洲各國正積極提升國防開支與工業產能，同時培育烏克蘭自身的本土軍工產業基地。戰略優先事項已轉向北約內部的「戰略自主」，強調強而有力的安全保障，以及將烏克蘭深度納入西方體制，以確保持久和平。討論小組總結指出，歐洲安全現在取決於如何透過持續的軍事與經濟承諾，從安全消費轉向積極的夥伴關係。
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