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.
America’s Digital Empire Has a Trust Problem
English Summary
The global dominance of U.S. cloud "hyperscalers" is increasingly viewed by international partners as an untenable strategic vulnerability rather than a commercial convenience. Following the weaponization of digital infrastructure against Russia and the Trump administration's perceived erratic foreign policy, nations like India and the Netherlands are accelerating efforts to build sovereign cloud platforms to reduce American dependence. This erosion of trust threatens long-term U.S. digital influence and may cede market share to Chinese competitors as allies prioritize technological autonomy over the cost-efficiency of American platforms.
中文摘要
美國雲端「超大型業者」（hyperscalers）在全球的主導地位，正日益被國際合作夥伴視為難以承受的戰略脆弱性，而非僅是商業便利。在數位基礎設施針對俄羅斯被武器化，以及川普政府的外交政策被視為反覆無常之後，印度與荷蘭等國正加速建立主權雲端平台，以減少對美國的依賴。這種信任侵蝕威脅著美國長期的數位影響力；隨著盟友將技術自主置於美國平台的成本效益之上，市場份額可能會流向中國競爭對手。
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