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.
Israel Targets Iranian Leaders
English Summary
Israel's targeted killing of top Iranian security and military officials Ali Larijani and Gholam Reza Soleimani marks a significant escalation in the ongoing conflict, potentially destabilizing Iran's command structure. This military action occurs as the United States faces increasing isolation from NATO allies, who have rejected calls to join a naval coalition in the Strait of Hormuz to avoid direct involvement in the war. Consequently, while Israel and the U.S. have successfully degraded certain Iranian capabilities, the strategy’s success hinges on whether these leadership losses will trigger a popular uprising or simply lead to a bureaucratic reorganization within a resilient Iranian cadre.
中文摘要
以色列針對伊朗高層安全與軍事官員阿里·拉里賈尼（Ali Larijani）與古拉姆·禮薩·蘇萊曼尼（Gholam Reza Soleimani）的定點清除行動，標誌著當前衝突的重大升級，並可能動搖伊朗的指揮體系。此次軍事行動發生在美國日益受到北約盟友孤立之際；這些盟友為避免直接捲入戰爭，拒絕了在荷莫茲海峽組建海軍聯盟的呼籲。因此，儘管以色列和美國已成功削弱了伊朗的部分能力，但該策略的成功與否，取決於這些領導層的損失是否會引發民間起義，抑或僅僅導致具備韌性的伊朗幹部體系內部的官僚重組。
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