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.
China and Russia’s strategic duo endures – but its limits are clear
English Summary
The China-Russia partnership is a durable strategic alignment, driven by shared opposition to Western dominance and a mutual goal of promoting a multipolar world. While geographically and ideologically bound, the relationship is defined by pragmatic utility rather than a full alliance. China maintains strategic caution, actively diversifying energy sources and preserving economic ties with the West to avoid over-reliance on Moscow. Consequently, the partnership remains asymmetrical, providing Russia with crucial geopolitical support while serving as a reliable counterweight for Beijing's broader global ambitions.
中文摘要
中俄夥伴關係是一種持久的戰略協同，其動力源於共同反對西方主導地位，並共同推動建立一個多極化的世界。儘管在地理和意識形態上存在緊密聯繫，但這段關係的定義是實用性的效用，而非全面的軍事同盟。中國保持著戰略上的謹慎態度，積極多元化能源來源，並維護與西方的經濟聯繫，以避免過度依賴莫斯科。因此，這項夥伴關係仍呈現不對稱性，一方面為俄羅斯提供了關鍵的地緣政治支持，另一方面也為北京更廣泛的全球雄心提供了可靠的制衡力量。
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