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.
Press Briefing: Previewing the Trump-Xi Summit
English Summary
According to a CSIS press briefing, the upcoming Trump-Xi summit, delayed by six weeks, aims to address five U.S. priorities ("the five Bs") and three Chinese priorities ("the three Ts") including Taiwan, tariffs, and technology. China enters the meeting in a stronger position due to recent U.S. actions and a perceived improvement in its relative power, and is likely to pressure the U.S. regarding Taiwan, potentially seeking changes to U.S. policy on arms sales and transit for Taiwanese leaders. The briefing suggests China is well-prepared and confident, while the U.S. lacks a unified approach and is not adequately investing in its long-term economic foundations.
中文摘要
根據戰略與國際研究中心（CSIS）的簡報，原定延遲六週的特朗普與習近平峰會旨在處理五項美國優先事項（合稱「五B」）和三項中國優先事項（合稱「三T」），其中包含台灣、關稅和科技等議題。由於近期美國的行動以及中國相對實力的提升，中國在本次會晤中處於更有利的地位，並可能向美國施壓，特別是在台灣問題上，可能尋求變更美國對台灣的軍售及台灣領導人過境政策。簡報指出，中國準備充分且充滿信心，而美國缺乏統一的策略，並且在長期經濟基礎建設方面投入不足。
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