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.
Ukraine’s Struggle for Independence in Russia’s Shadow
English Summary
Ukraine’s trajectory from 1991 to 2026 demonstrates a persistent struggle for independence defined by Russian military aggression and a shifting international security architecture. Milestones such as the 1994 Budapest Memorandum and the 2022 invasion highlight the failure of early security guarantees, leading to a war of attrition with combined casualties reaching an estimated 1.8 million by early 2026. Recent developments indicate a pivot toward bilateral U.S.-Russia peace summits that often exclude Ukrainian representation, creating a strategic tension between continued Western military support and great-power diplomacy. Ultimately, the ongoing targeting of energy infrastructure and deadlocked negotiations suggest that Ukraine's sovereignty remains precarious despite sustained G7 and NATO commitments.
中文摘要
烏克蘭自 1991 年至 2026 年的發展軌跡，展現了其在俄羅斯軍事侵略與國際安全架構變遷背景下，為爭取獨立而進行的持久鬥爭。從 1994 年的《布達佩斯備忘錄》到 2022 年的入侵等重大事件，凸顯了早期安全保障的失效，並演變為一場消耗戰；截至 2026 年初，估計雙方合計傷亡人數已達 180 萬。近期趨勢顯示，外交重心轉向常將烏克蘭排除在外的美俄雙邊和平峰會，這在西方持續的軍事支持與大國外交之間造成了戰略張力。最終，針對能源基礎設施的持續打擊以及僵持不下的談判，顯示儘管七大工業國集團 (G7) 與北約 (NATO) 持續承諾支持，烏克蘭的主權地位依然脆弱。
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