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.
Iran’s Tenacious Regime and the Future of the Gulf
English Summary
The analysis concludes that even if the Iranian regime survives the current conflict greatly weakened, it will remain a significant and dangerous regional threat. This persistence is due to the Islamic Revolutionary Guard Corps (IRGC), which holds the true coercive power, ensuring that the regime will prioritize maintaining the status quo over radical change. The leadership succession, whether through Mojtaba Khamenei or a successor, will be driven by vengeance and resistance, guaranteeing continued instability and potential for terrorism. Strategically, this suggests that external military intervention is unlikely to achieve a swift regime collapse, necessitating a long-term strategy focused on managing persistent regional volatility.
中文摘要
分析結論指出，即使伊朗政權在當前衝突中倖存下來，也會處於極度衰弱的狀態，但它仍將是一個重大且危險的區域威脅。這種持續性源於伊斯蘭革命衛隊（IRGC）掌握了真正的強制力量，確保該政權會將維持現狀置於激進變革之上。其領導層的繼承，無論是透過穆賈塔巴·哈梅內伊（Mojtaba Khamenei）還是其接班人，都將由復仇心和抵抗意志所驅動，這保證了持續的不穩定性和恐怖主義的潛在風險。從戰略角度來看，這暗示了外部軍事干預不太可能達成迅速的政權崩潰，因此需要制定長期策略，專注於管理持續的區域不穩定性。
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