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.
The Iran Deal Comes at a Cost to Israel. The White House Hasn’t Acknowledged It.
English Summary
The article argues that the U.S.-Iran Memorandum of Understanding (MOU) critically sidelines Israel, an essential ally, by excluding it from negotiations concerning its core security interests in Lebanon and Iran's nuclear program. This exclusion is viewed by Israel as a major concession to Tehran, deepening strategic mistrust despite previous assurances of partnership. While sidelining an ally may offer the U.S. tactical flexibility, the lack of consultation and clear communication risks damaging the relationship. Therefore, for stable policy, the U.S. must adopt a strategy of thorough coordination, private explanation, and careful public language to maintain confidence with Israel.
中文摘要
本文論述美國與伊朗的諒解備忘錄（MOU）在關鍵性地排除以色列，這使得以色列——一個至關重要的盟友——無法參與關於其黎巴嫩核心安全利益和伊朗核計畫的協商。以色列認為這種排斥是對德黑蘭的一次重大讓步，儘管此前曾有合作夥伴關係的承諾，但此舉加劇了戰略不信任感。雖然排除一個盟友或許能為美國提供戰術上的靈活性，但缺乏諮詢和清晰溝通的做法卻有損害雙邊關係的風險。因此，為了維持穩定的政策走向，美國必須採取徹底協調、私下解釋和謹慎公開措辭的策略，以維護與以色列的信任。
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