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.
Macron’s Agenda Meets Trump’s at the G 7 Summit
English Summary
France's 2026 G7 presidency, designed around economic resilience and reduced dependence on China, faces disruption from geopolitical shocks (Iran's Strait of Hormuz closure) and Trump's unpredictable 'America First' agenda. While Trump's priorities on economic security and critical supply chains partially align with French goals, significant divisions persist on Ukraine, trade, digital sovereignty, and climate policy—driving other G7 members to coordinate more independently. Macron's success may be measured less by advancing his formal agenda than by preventing mounting tensions from fracturing the fragile G7 coalition.
中文摘要
法國於 2026 年的 G7 主席期，其核心目標圍繞經濟韌性及降低對中國的依賴性，但卻面臨地緣政治衝擊（例如伊朗封閉霍爾木茲海峽）和川普不可預測的「美國優先」議程的干擾。儘管川普在經濟安全和關鍵供應鏈方面的優先事項與法國的目標部分一致，但在烏克蘭、貿易、數位主權和氣候政策等議題上仍存在重大分歧，這促使其他 G7 成員國傾向於更獨立地協調行動。馬克龍的成功或許不應以推動其正式議程的進展來衡量，而應以阻止日益升高的緊張局勢瓦解脆弱的 G7 聯盟來衡量。
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