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.
Trump’s 2026 State of the Union: Foreign Policy Issue Guide
English Summary
This CFR guide outlines the 'America First' transformation of U.S. foreign policy during the first year of President Trump’s second term, emphasizing a shift toward unilateralism and aggressive economic nationalism. Key developments highlighted include the 2025 National Security Strategy's focus on regional dominance, the military capture of Venezuela's Nicolás Maduro, and significant withdrawals from international organizations and climate agreements. These policies have strained traditional alliances while prioritizing U.S. resource access and domestic border security over global humanitarian assistance. Ultimately, the administration's approach suggests a future of transactional global engagement and a preference for military-backed regime change over multilateral diplomacy.
中文摘要
這份外交關係協會（CFR）指南概述了川普總統第二任期第一年美國外交政策的「美國優先」轉型，強調轉向單邊主義和激進的經濟民族主義。重點發展包括 2025 年《國家安全戰略》對地區主導地位的關注、對委內瑞拉總統馬杜洛（Nicolás Maduro）的軍事抓捕，以及從國際組織和氣候協議的大規模退出。這些政策使傳統盟友關係緊張，同時將美國的資源獲取和國內邊境安全置於全球人道援助之上。最終，現任政府的方針暗示了一個交易型全球參與的未來，且相對於多邊外交，更傾向於以軍事支持的政權更迭。
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