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.
Using Minerals and Energy to Rebuild the U.S.-South Africa Relationship
English Summary
This CSIS report argues that the U.S. must prioritize its mineral supply relationship with South Africa despite recent diplomatic friction to avoid losing strategic access to China and Russia. South Africa remains the dominant supplier of platinum group metals, chromium, and military-grade vanadium, which are indispensable for U.S. defense systems, semiconductor manufacturing, and reindustrialization. To counter the migration of processing capacity to China, the report recommends U.S. investment in South African energy infrastructure through LNG-to-power agreements and renewed nuclear cooperation. Establishing price floors for defense materials and pairing financing with long-term offtake agreements are seen as essential steps to securing these critical supply chains.
中文摘要
這份戰略與國際研究中心（CSIS）的報告主張，儘管近期外交摩擦不斷，美國仍必須優先考慮與南非的礦產供應關係，以避免將戰略准入權讓與中國和俄羅斯。南非仍是鉑族金屬、鉻和軍用級釩的主導供應國，這些物資對於美國的國防系統、半導體製造和再工業化不可或缺。為了反制加工能力向中國遷移，報告建議美國透過液化天然氣發電協議（LNG-to-power）和重啟核能合作，投資南非的能源基礎設施。為國防物資建立價格下限，並將融資與長期承購協議掛鉤，被視為確保這些關鍵供應鏈安全的必要步驟。
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