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.
Spectator, beneficiary, player: Russia’s strategy in the Iran war, from oil to drones
English Summary
Russia pursues a calculated strategy in the Iran-Israel conflict, acting as spectator, beneficiary, and player while avoiding direct military entanglement. Moscow provides diplomatic support and likely drone assistance to Iran while maintaining deconfliction channels with Israel and the US, extracting advantage without assuming proportional risks. Disruptions in Gulf energy markets have tightened global crude supplies, improving Russia's fiscal position and demonstrating resilience under sanctions. This selective engagement approach reinforces Moscow's narrative of indispensability across multiple theaters and strengthens its negotiating position on Ukraine. Russia's Middle East gains directly feed into the diplomatic calculus, potentially shifting US focus from weakening Russia to managing it, which could increase pressure on Kyiv to accept compromise.
中文摘要
俄羅斯在伊朗-以色列衝突中採取審慎的戰略，兼具旁觀者、受益者和參與者三重身份，同時避免直接軍事介入。莫斯科向伊朗提供外交支持和可能的無人機援助，同時與以色列和美國維持衝突化解機制，以最小風險獲取最大利益。波斯灣能源市場的擾亂收緊了全球原油供應，改善了俄羅斯的財政狀況，展示其在制裁下的韌性。這種選擇性參與方式強化了莫斯科在多個戰場上不可或缺的敘事地位，並加強了其在烏克蘭問題上的談判籌碼。俄羅斯在中東的收益直接影響外交權衡，可能將美國戰略重心從削弱俄羅斯轉向管控俄羅斯，這恐將增加基輔接受妥協的壓力。
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