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.
Laurel Rapp: ‘There’s no going back to the America of the past decade’
English Summary
Laurel Rapp argues that US foreign policy has undergone a fundamental shift, asserting that 'there’s no going back' to the stability or predictability of the past decade. This change is driven by eroded trust in American steadiness, forcing both Washington and global partners to define a new strategic vision. While the immediate direction remains uncertain pending elections, the underlying trend suggests the US will continue to push allies, particularly Europe, toward shouldering greater defense burdens and mutual security responsibilities.
中文摘要
勞瑞·拉普（Laurel Rapp）主張，美國外交政策已經歷了根本性轉變，並指出「無法回到過去十年來的那種穩定或可預測的狀態」。這種變化源於對美國穩定的信任動搖，迫使華盛頓和全球夥伴共同定義新的戰略願景。儘管眼前的方向在選舉結果前仍不確定，但潛在趨勢顯示，美國將持續推動盟友（特別是歐洲）承擔更大的防禦負擔和共同安全責任。
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