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.
The G-2’s Missing Link
English Summary
The potential meeting between U.S. President Trump and Chinese leader Xi Jinping is viewed as a critical moment for global order. The reference to the meeting as a "G-2" suggests that Washington and Beijing are positioning themselves to jointly set the terms for regional and global governance. This dynamic has drawn immediate attention from key allies, such as Australia and Japan. The implication is that the future stability and structure of the global order hinge significantly on the outcomes and dynamics of the US-China relationship.
中文摘要
美國總統川普與中國領導人習近平的潛在會晤，被視為全球秩序的關鍵時刻。將此次會晤稱為「G-2」，暗示華盛頓和北京正定位自身，共同制定區域和全球治理的規則。這種動態立即引起了澳洲和日本等主要盟友的關注。其潛在含義是，全球秩序的未來穩定性和結構，在很大程度上取決於美中關係的發展和會晤結果。
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