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.
Russian Blood and Treasure: The Ballooning Costs of Putin’s War
English Summary
CSIS concludes that Russia has lost the military initiative in Ukraine, facing mounting costs that are proving strategically unsustainable for Moscow. Evidence points to massive Russian casualties (1.4 million total) and a stalled ground offensive, coupled with significant net territorial losses throughout 2026. Critically, Ukraine has successfully escalated its campaign using AI-enabled long-range strikes against deep Russian infrastructure, including energy and industrial targets near major cities. These mounting military failures and domestic strains suggest that continued international support for Ukrainian defense is crucial to degrading Russia's war capacity.
中文摘要
戰略與國際問題研究所（CSIS）總結指出，俄羅斯在烏克蘭已失去軍事主動權，面臨的成本日益累積，對莫斯科而言已證明具有戰略不可持續性。證據顯示，俄方遭受了大規模傷亡（總計140萬人），地面攻勢停滯不前，加上2026年內顯著的領土損失。至關重要的是，烏克蘭成功地利用AI輔助的遠程打擊戰，升級了其作戰行動，針對俄羅斯深層基礎設施（包括靠近主要城市的能源和工業目標）發動攻擊。這些不斷累積的軍事失敗和國內壓力表明，持續獲得國際對烏克蘭防禦的支持，對於削弱俄羅斯的戰爭能力至關重要。
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