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.
Tariffs and Trade: What Comes Next
English Summary
The U.S. Supreme Court struck down President Trump’s sweeping tariffs imposed under the International Economic Emergency Powers Act (IEEPA), ruling that the statute does not grant the executive branch the authority to levy duties. The Court reasoned that the Constitution reserves taxing powers for Congress and that IEEPA’s power to 'regulate' imports is distinct from the power to tax. Consequently, the administration has pivoted to Section 122 for temporary 150-day tariffs while launching 'expedited' Section 301 investigations to secure a longer-term legal foundation for its trade agenda. This shift highlights a significant constitutional reinforcement of congressional authority, even as the executive maintains protectionist policies through alternative statutory frameworks.
中文摘要
美國最高法院裁定川普總統依據《國際緊急經濟權力法》(IEEPA) 實施的全面性關稅無效，認定該法規並未授予行政部門徵收關稅的職權。法院主張，憲法將課稅權賦予國會，且 IEEPA 中「調節」進口的權力與課稅權有顯著區別。因此，政府已轉向依據第 122 條實施為期 150 天的臨時關稅，同時啟動「快速」301 條款調查，以期為其貿易議程奠定長期的法律基礎。此一轉變凸顯了憲法層面對國會權限的強化，即便行政部門仍透過其他法律框架維持其保護主義政策。
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