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.
Why Are the Afghan Taliban and Pakistan in an ‘Open War’?
English Summary
Pakistan and the Afghan Taliban have entered a state of 'open war' following lethal cross-border airstrikes triggered by Islamabad’s claims that Kabul is harboring Tehrik-e-Taliban Pakistan (TTP) militants. The escalation has resulted in significant civilian casualties and the failure of mediation efforts by regional actors like Qatar and Saudi Arabia, marking the most severe breakdown in relations since 2021. The conflict threatens to destabilize China’s regional infrastructure projects and could provide operational space for extremist groups like ISIS and al-Qaeda. Consequently, the breakdown in bilateral ties may force regional powers, including India and Russia, to recalibrate their diplomatic strategies toward the Taliban regime.
中文摘要
巴基斯坦與阿富汗塔利班在發生致命的跨境空襲後，已進入「全面開戰」狀態。此次衝突升級源於伊斯蘭馬巴德指控喀布爾庇護「巴基斯坦塔利班」（TTP）武裝分子，目前已導致大量平民傷亡，且卡達與沙烏地阿拉伯等區域行為者的調解努力均告失敗，標誌著自 2021 年以來最嚴重的關係破裂。該衝突威脅到中國在該區域基礎設施項目的穩定，並可能為「伊斯蘭國」（ISIS）與「基地」組織（al-Qaeda）等極端組織提供行動空間。因此，雙邊關係的崩潰可能迫使包括印度與俄羅斯在內的區域大國，重新調整其對塔利班政權的外交策略。
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