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.
Orbán's Fall in Hungary Opens a Door for Europe — and Closes One for Russia
English Summary
Orbán's electoral defeat in Hungary represents a significant shift away from illiberalism, providing a major boost to European democratic norms and stability. The opposition's victory, driven by voter concern over domestic corruption and the economy, gives the new government the mandate to reverse Orbán's anti-EU reforms and restore deep ties with NATO. Strategically, this development strengthens the NATO-EU front, increases the potential for unified sanctions against Russia, and accelerates the push for EU institutional reform, such as ending national vetoes.
中文摘要
歐爾班在匈牙利的選舉失利，標誌著國家正在從非自由主義（illiberalism）的軌道上轉移，為歐洲民主規範和穩定提供了重大助力。反對派的勝利，源於選民對國內腐敗和經濟狀況的擔憂，賦予了新政府了修復歐爾班反歐盟改革、並恢復與北約深層關係的政治授權。從戰略角度來看，這一發展鞏固了北約與歐盟的共同戰線，增加了對俄羅斯實施統一制裁的可能性，並加速了歐盟制度改革的推動，例如廢除國家否決權。
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