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.
America needs partners to challenge China’s critical mineral chokehold
English Summary
The United States must leverage international partnerships and multilateral frameworks to break China’s dominant 'chokehold' on critical mineral supply chains essential for defense and high-tech industries. While previous unilateral approaches hindered progress, emerging 2026 initiatives like 'Project Vault' and the 'Forge' forum signal a strategic shift toward a collaborative 'Metals NATO' model. To successfully compete with China’s predatory pricing, U.S. policy must prioritize early-stage project funding and high environmental and labor standards to attract producing nations. These coordinated efforts are vital for securing the resilient supply chains required for national security and the global energy transition.
中文摘要
美國必須運用國際夥伴關係與多邊架構，打破中國對國防及高科技產業至關重要的關鍵礦產供應鏈之主導「鎖喉」地位。儘管過去的單邊手段阻礙了進度，但 2026 年湧現的倡議（如「金庫計畫」Project Vault 與「鍛造」Forge 論壇）顯示戰略已轉向協作式的「金屬北約」模式。為有效應對中國的掠奪性定價，美國政策須優先提供早期計畫資金，並制定高標準的環境與勞工準則以吸引生產國。這些協調行動對於確保國家安全及全球能源轉型所需的具韌性供應鏈至關重要。
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