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.
Gaza Board of Peace Meets Today
English Summary
CFR argues that President Trump’s new Board of Peace is becoming the central U.S.-led mechanism for shaping Gaza’s postwar order, but its viability hinges on Hamas demilitarization and credible governance arrangements. Evidence cited includes broad diplomatic participation (27 formal members and about 45 expected delegations), expected reconstruction pledges of at least $5 billion, and a governance model that currently excludes Palestinian factions in favor of a separate technocratic committee. Conditions on the ground remain unstable, with limited medical evacuations and returns through Rafah, blocked humanitarian missions, ongoing Israeli strikes, and mutual truce-violation accusations. Strategically, the initiative could accelerate reconstruction and coordination, but exclusion risks and unresolved security control could undermine legitimacy and push Gaza back toward partition or renewed conflict if disarmament and political reintegration fail.
中文摘要
CFR指出，川普總統新設的「和平委員會」（Board of Peace）正成為由美國主導、塑造加薩戰後秩序的核心機制，但其可行性取決於哈瑪斯去軍事化與具公信力的治理安排。文中援引的證據包括：外交參與廣泛（27個正式成員，預計約45個代表團出席）、重建承諾預期至少50億美元，以及目前排除巴勒斯坦各派、改由獨立技術官僚委員會主導的治理模式。地面情勢仍不穩定，拉法口岸僅有限度進行醫療後送與人員返還，人道任務受阻，以色列持續空襲，且雙方互控違反停火。從戰略層面看，此倡議可能加速重建與協調，但若持續排除主要政治行為者，且安全控制問題未解，將削弱其正當性；一旦解除武裝與政治再整合失敗，加薩可能再度走向分治或新一輪衝突。
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