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.
A Middle Way for American Foreign Policy
English Summary
The article argues that the current 'America first' foreign policy has destabilized the international order by alienating allies and undermining the rules-based system. Key evidence points to the administration's rejection of multilateralism, international pacts, and open trade, which has led allies to question U.S. reliability. Consequently, the authors advocate for a 'Middle Way' approach. This strategic shift is necessary to restore U.S. credibility, re-engage with global institutions, and balance national interests with collective security obligations.
中文摘要
本文論述，當前的「美國優先」外交政策已透過疏遠盟友和削弱規則導向的體系，從而瓦解了國際秩序。關鍵證據指出，該政府拒絕多邊主義、國際協定和開放貿易，導致盟友開始質疑美國的可靠性。因此，作者們主張採取「中道」策略。這種戰略轉變對於重建美國的公信力、重新參與全球機構，並在國家利益與集體安全義務之間取得平衡，是至關重要的。
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