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.
Israel After the Iran War
English Summary
The article highlights a stark contrast in the domestic political and social responses to the Iran conflict between the United States and Israel. While the U.S. faces deep division among its public and politicians regarding the legality and risks of military strikes, Israel has experienced a temporary period of national unity. This difference in internal cohesion suggests that Israel's strategic calculus and capacity for decisive action are currently supported by a more unified public will than those in the American sphere. Consequently, the geopolitical landscape suggests that Israel is better positioned to sustain a focused military and political strategy following the conflict.
中文摘要
本文強調了美國與以色列在國內對應對伊朗衝突的政治和社會反應之間存在著顯著的對比。美國國內在關於軍事打擊的合法性與風險問題上，面臨著公眾和政界深層的意見分歧；而以色列則經歷了一段暫時的國家團結期。這種內部凝聚力的差異顯示，以色列的戰略考量和採取果斷行動的能力，目前得到了比美國陣域更統一的民意支持。因此，地緣政治格局暗示，在衝突之後，以色列在維持一個專注的軍事和政治戰略方面處於更有利的地位。
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