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.
India and Security Norms in the Liberal International Order
English Summary
India is strategically deepening its security cooperation with the United States and Indo-Pacific partners while rigorously maintaining its principle of strategic autonomy. Rather than joining formal, treaty-based alliances, India utilizes flexible, transactional partnerships to build material capacity and legitimacy, even while signaling concern about regional challenges like China's growing influence. This selective engagement allows New Delhi to maximize its geopolitical flexibility and avoid explicit confrontation, but it simultaneously strains relationships with partners who press for clearer alignment. Policymakers must recognize that India's foreign policy is defined by this careful balancing act, requiring sustained, nuanced diplomacy to manage its diversified ties (e.g., between the West and Russia).
中文摘要
印度正與美國和印太夥伴深化安全合作，同時嚴格維護其戰略自主原則。印度並未加入正式的條約性聯盟，而是利用靈活、交易性的夥伴關係來建立實質能力和合法性，即使在表達對中國日益增長的區域影響力等挑戰的擔憂時也是如此。這種選擇性的參與使新德里能夠最大化其地緣政治的靈活性，並避免直接的對抗，但同時也使那些要求更明確陣營立場的夥伴關係承受壓力。政策制定者必須認識到，印度的外交政策正是由這種謹慎的平衡行為所定義，這要求持續、細膩的外交努力，以管理其多元化的關係（例如，西方與俄羅斯之間的關係）。
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