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.
Bob Rae: ‘Canada’s change of heart about the United States is profound’
English Summary
Bob Rae asserts that Canada is undergoing a profound strategic pivot, moving away from traditional reliance on the United States in response to a 'rupture' in the rules-based international order. This shift is evidenced by Canada’s commitment to increase defense spending to 5% of GDP by 2035 and the launch of its first-ever Defence Industrial Strategy to protect manufacturing and scientific capacity. The primary implication is that Canada will increasingly prioritize multilateral partnerships with Europe and the Asia-Pacific to safeguard its sovereignty, particularly regarding Arctic security and Ukraine, amidst growing US isolationism and volatility.
中文摘要
鮑勃·雷（Bob Rae）主張，加拿大正經歷深刻的戰略轉向，以應對以規則為基礎的國際秩序之「破裂」，逐步擺脫對美國的傳統依賴。此一轉變體現在加拿大承諾於 2035 年前將國防支出提高至國內生產總值（GDP）的 5%，並啟動首個「國防工業戰略」以保護其製造與科研能力。其核心意涵在於，在美國孤立主義與波動性日益增加的背景下，加拿大將優先強化與歐洲及亞太地區的多邊夥伴關係，以維護其主權，特別是在北極安全與烏克蘭議題上。
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