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.
Iran’s Fair-Weather Friends
English Summary
The article argues that Iran's 'axis of resistance' is rapidly escalating a localized conflict into a full-blown regional war. Key evidence includes Iranian-cultivated militias striking targets in Iraq and neighboring countries, followed by Hezbollah launching retaliatory attacks against Israel. This regionalization of conflict demonstrates that Iran's proxy network remains highly active despite previous setbacks. The implication for policy is that the 'axis' poses a significant and growing threat to regional stability, requiring heightened strategic vigilance from international powers.
中文摘要
本文論述伊朗的「抵抗軸心」正迅速將一場局部衝突升級為一場全面性的區域戰爭。關鍵證據包括伊朗支持的民兵組織攻擊伊拉克和鄰國的目標，隨後由真主黨對以色列發動報復性攻擊。這種衝突的區域化發展表明，儘管先前遭遇挫折，伊朗的代理人網絡仍保持高度活躍。政策上的啟示是，「軸心」對區域穩定構成了重大且日益增長的威脅，要求國際強權必須提高戰略警惕性。
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