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.
US–Iran ceasefire: What it means for Trump, Tehran, Israel and US allies. Early analysis from Chatham House experts
English Summary
While the US-Iran ceasefire offers a temporary reprieve, experts warn that the agreement fails to resolve deep structural tensions, leaving critical issues like Iran's nuclear program, control of the Strait of Hormuz, and the conflict in Lebanon unresolved. The truce was achieved through high-stakes brinkmanship, which simultaneously undermines international law and the credibility of US security guarantees. Strategically, the crisis forces regional powers and allies to reassess their dependencies, accelerating the need for new, localized defense and diplomatic architectures. Ultimately, the instability suggests that the region remains highly vulnerable to renewed escalation despite the current de-escalation.
中文摘要
儘管美伊停火為局勢帶來了暫時喘息，但專家警告稱，該協議未能化解深層的結構性張力，使得伊朗的核計畫、霍爾木茲海峽的控制權，以及黎巴嫩的衝突等關鍵議題仍懸而未決。此次休戰是透過高風險的「極限博弈」（brinkmanship）達成，這同時削弱了國際法和美國安全保證的公信力。從戰略角度來看，這場危機迫使區域大國和盟友重新評估其依賴性，加速了建立新的、在地化的防禦和外交架構的必要性。最終而言，這種不穩定性表明，儘管當前局勢有所降溫，該地區仍然極易遭受新的升級衝突。
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