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.
What does Pakistan gain from its Iran–US diplomacy?
English Summary
Pakistan's emergence as a mediator between the US and Iran is less about regional diplomacy and more about structural necessity and strategic gain. The nation's near-bankrupt economy and heavy reliance on energy imports compel Islamabad to leverage its mediation role to secure international bailouts. Key to this strategy is the close personal rapport between the US administration and the powerful military establishment, which Pakistan is using to attract massive US investment in critical minerals, cryptocurrency, and counter-terrorism cooperation. Consequently, Pakistan's mediation efforts are highly transactional, aiming to stabilize its economy and bolster its military-industrial complex rather than purely achieving regional peace.
中文摘要
巴基斯坦作為美國與伊朗之間的調解者，其動機已非單純的區域外交，而是源於結構性需求和戰略利益的考量。該國瀕臨破產的經濟體和對能源進口的高度依賴，迫使伊斯蘭堡必須利用其調解角色來爭取國際救助。其戰略核心是利用美國政府與強大軍事建制之間密切的私人聯繫，從而吸引美國在關鍵礦物、加密貨幣和反恐合作領域的大規模投資。因此，巴基斯坦的調解努力極具交易性質，其主要目標是穩定本國經濟和鞏固其軍工複合體，而非純粹地追求區域和平。
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