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.
Iran Vows to Keep Fighting
English Summary
Iran’s new leadership has committed to continuing the conflict, emphasizing ongoing pressure on the Strait of Hormuz and further retaliation against U.S.-Israeli strikes. This defiant stance is met with a similar pledge from Washington to advance military operations, indicating that both sides are preparing for an escalation rather than a diplomatic resolution. The ongoing hostilities have already caused significant global energy shocks, forcing the U.S. to adjust sanctions on other oil producers like Russia to stabilize markets. For regional strategy, these developments suggest a protracted war with high risks of expanded conflict and long-term economic disruption.
中文摘要
伊朗新領導層承諾將持續衝突，強調對荷莫茲海峽施加持續壓力，並針對美以兩國的打擊採取進一步報復行動。華盛頓亦以推進軍事行動的類似承諾回應此強硬立場，顯示雙方正趨向局勢升級而非外交解決。持續的敵對行動已引發顯著的全球能源衝擊，迫使美國調整對俄羅斯等其他產油國的制裁，以期穩定市場。就區域戰略而言，這些發展預示著一場曠日持久的戰爭，且存在衝突擴張與長期經濟混亂的高風險。
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