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.
Marco Rubio Goes to India in Repair Mode
English Summary
The article argues that U.S.-India relations, once robust, have significantly deteriorated and are currently 'rudderless,' making Secretary Rubio's visit a critical effort to repair trust. This decline is attributed to recent U.S. actions, including public embarrassment of India, favoring Pakistan, and imposing punitive tariffs on Indian energy purchases. Consequently, the U.S. must fundamentally shift its approach from transactional politics to sustained, consistent engagement to restore the partnership. For the relationship to stabilize, the U.S. must demonstrate renewed commitment to India's strategic interests, particularly in the context of great power competition.
中文摘要
本文論述，美印關係曾一度穩固，但現已顯著惡化，處於「失去方向」的狀態，因此魯比奧部長的訪問成為修復信任的關鍵努力。這種衰退歸因於美國近期的行為，包括公開讓印度難堪、偏袒巴基斯坦，以及對印度能源採購徵收懲罰性關稅。因此，美國必須從根本上改變其策略，從交易性政治轉向持續、穩定的參與，才能恢復雙邊夥伴關係。若要使雙方關係穩定，美國必須在「大國競爭」的背景下，展現出對印度戰略利益的重新承諾。
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