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.
Can a Royal Visit Salvage the Unraveling U.S.-UK Alliance?
English Summary
While King Charles III's state visit offers symbolic reassurance of enduring transatlantic ties, the report argues that it cannot resolve the deep structural forces pulling the U.S.-UK alliance apart. Key evidence points to significant strategic divergence, including disagreements on Iran, trade tariffs, climate policy, and NATO burden-sharing, compounded by political instability in both nations. Consequently, the 'special relationship' is undergoing a necessary recalibration, with the UK increasingly prioritizing partnerships with EU member states and viewing Europe as a more stable strategic anchor than the assumption of an unbreakable transatlantic bond. Policy implications suggest that the UK must focus on deepening continental cooperation to mitigate the risks of strategic isolation and geopolitical uncertainty.
中文摘要
儘管查爾斯三世的國事訪問象徵性地展現了跨大西洋關係的持久性，但本報告指出，此舉無法化解拉美國盟關係內部深層的結構性力量。關鍵證據指向顯著的戰略分歧，包括在伊朗問題、貿易關稅、氣候政策以及北約分擔義務等議題上的意見不合，且兩國國內的政治不穩定性亦加劇了此趨勢。因此，「特殊關係」正在經歷一次必要的重新校準，英國正日益重視與歐盟成員國的夥伴關係，並將歐洲視為比假設的牢不可破的跨大西洋聯繫更穩定的戰略支點。政策意涵顯示，英國必須專注於深化大陸層面的合作，以緩解戰略孤立和地緣政治不確定性的風險。
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