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 Trump Effect in Israel
English Summary
The article posits that Donald Trump wields significant, quasi-savior status in Israel, capable of bypassing traditional political deadlocks due to his high standing among Jewish Israelis. This influence is evidenced by his overwhelmingly positive reception following his perceived role in brokering a resolution to the Gaza conflict and the release of hostages. For policy makers, this suggests that future US political engagement will be heavily influenced by personal charisma and perceived crisis management, granting US figures disproportionate leverage over Israeli domestic and foreign policy dynamics.
中文摘要
本文提出，唐納德·川普在以色列掌握了重要的、近乎救世主的地位，由於他在猶太以色列人中享有崇高聲望，使他能夠繞過傳統的政治僵局。這種影響力體現在，在他被認為斡旋解決加薩衝突並釋放人質後，他獲得了壓倒性的正面反應。對於政策制定者而言，這暗示未來美國的政治參與將會受到個人魅力和危機管理能力的極大影響，使得美國人物對以色列的國內和外交政策動態擁有不成比例的影響力。
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