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.
A Conversation With Anwar Gargash
English Summary
UAE diplomatic adviser Anwar Gargash details the impact of Iran's missile and drone campaign against Gulf states, revealing that the UAE has been struck by over 2,000 projectiles targeting civilian infrastructure rather than the U.S. military facilities Iran claims. Gargash argues Iran's strategy is counterproductive, as it has shattered trust with traditional Gulf mediators like Oman and Qatar, exposed the reality of Iran's threat capabilities, and will paradoxically strengthen Israel's role and the U.S. defense relationship in the Gulf for decades. He calls for any postwar settlement to include enforceable guarantees against both Iran's nuclear program and its missile and drone arsenal, while signaling UAE willingness to join an international coalition to secure the Strait of Hormuz.
中文摘要
阿聯外交顧問乘加爾加什詳述伊朗對波灣國家發動飛彈與無人機攻擊的影響，揭露阿聯已遭受逾兩千枚投射物襲擊，目標為民用基礎設施而非伊朗所宣稱的美軍設施。加爾加什認為伊朗的戰略適得其反：此舉已破壞與阿曼、卡達等傳統波灣調解國之間的信任，暴露伊朗實際威脅能力的真面目，且將矛盾地強化以色列在波灣的角色及美國與波灣的防務關係長達數十年。他呼籲任何戰後協議應納入針對伊朗核計畫及其飛彈與無人機武庫的可執行保障措施，同時表達阿聯願意加入國際聯盟以確保荷莫茲海峽安全。
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