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.
This Is Not the World Russia Wants
English Summary
This Foreign Affairs article argues that Russia’s 2022 invasion of Ukraine represented a culmination of a decades-long strategy of revisionism, aiming to reshape European security and challenge the existing rules-based international order. Evidence points to Russia’s persistent efforts to undermine Western influence through actions at the UN and its promotion of a multipolar world. The article suggests Russia’s ambitions have consistently prioritized asserting its own power and rejecting constraints on its actions. Consequently, a sustained, proactive strategy focused on deterrence and supporting Ukraine’s resilience is crucial.
中文摘要
這篇《外交事務》的文章論述，2022年俄羅斯對烏克蘭的入侵，代表了數十年來修正主義戰略的終極結果，旨在重塑歐洲安全格局並挑戰現有的以規則為基礎的國際秩序。證據顯示，俄羅斯持續透過在聯合國的行動以及推廣多極化世界來削弱西方影響力。文章建議，俄羅斯一直以來都將宣揚自身權力以及拒絕對其行動施加限制作為首要目標。因此，以威懾為重點、並支持烏克蘭韌性的持續、積極策略至關重要。
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