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.
Can the UAE Go It Alone?
English Summary
The UAE is pursuing an increasingly independent strategy in the region, demonstrated by its unilateral strike on Iranian-controlled facilities and subsequent withdrawal from OPEC, signaling a desire to be recognized as a leading global power. This approach is driven by a belief that closer ties with Israel, a divergence from regional norms, and alignment with the United States will bolster security and influence. Evidence of this strategy includes its support for the Rapid Support Forces in Sudan and its expanding economic footprint in Africa through companies like DP World, despite criticism and intervention from neighboring countries like Saudi Arabia. Ultimately, the UAE’s gamble on autonomy risks isolating itself from traditional Gulf partners while relying heavily on key alliances.
中文摘要
阿拉伯聯合酋長國（UAE）正在該地區推行日益獨立的戰略，體現在其單方面襲擊伊朗控制的設施以及隨後的退出OPEC，這表明其希望被視為一個領先的全球大國。這種做法源於其堅信與以色列建立更緊密的聯繫、偏離該地區的傳統規範，並與美國保持一致，以增強安全和影響力。該戰略的證據包括其對蘇丹快速支援力量的支撐，以及通過如DP World等公司的非洲經濟版圖不斷擴張，儘管受到了沙特阿拉伯等鄰國的批評和干預。總而言之，UAE對自主的賭注風險使其與傳統的阿拉伯國家夥伴之間疏離，並過度依賴關鍵聯盟。
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