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.
Syria’s successful foreign policy masks a deeper risk
English Summary
Syria's effective foreign policy in insulating itself from regional conflicts masks the deeper risk of its unresolved internal divisions. This is highlighted by the recent Israeli airstrike in Sweida, which occurred amidst internal clashes and demonstrated how domestic instability continues to invite external intervention despite diplomatic gains. The government's reliance on external, elite-level agreements over inclusive national dialogue leaves critical issues of governance and power-sharing unaddressed. Lasting stability therefore hinges on establishing a credible and transparent national process to foster internal consensus and legitimacy, rather than solely depending on external diplomatic maneuvers.
中文摘要
敘利亞在隔絕自身於區域衝突之外的有效外交政策，掩蓋了其未解決的內部矛盾所帶來的深層風險。最近發生在蘇韋達的以色列空襲凸顯了這一點，該襲擊發生在敘利亞內部衝突期間，並表明儘管外交上取得進展，國內不穩定仍持續引發外部干預。政府過度依賴外部、精英層級的協議，而非包容性的全國對話，導致治理和權力分享等關鍵問題懸而未決。因此，長期的穩定取決於建立一個可信且透明的全國進程，以促進內部共識和合法性，而非僅僅依賴外部外交策略。
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