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.
How India Can Supercharge Its Development
English Summary
The article highlights that India's development trajectory requires a fundamental recalibration of its foreign policy. Historically, India assumed the US would prioritize its partnership as part of a larger strategy to counter China; however, recent actions, such as tariffs, have challenged this assumption. Consequently, while India has signed new trade agreements with the United States, the strategic pivot involves reducing over-reliance on Washington. For future development, India must diversify its geopolitical partnerships and adopt a more balanced, multi-polar diplomatic approach.
中文摘要
本文指出，印度若要實現發展軌跡，必須對其外交政策進行根本性的調整。歷史上，印度曾假設美國會將其夥伴關係視為應對中國的更大戰略的一部分；然而，近期諸如關稅等行動，已挑戰了此一假設。因此，儘管印度與美國簽署了新的貿易協定，但其戰略轉向的核心是減少對華盛頓的過度依賴。為了未來的發展，印度必須實現地緣政治夥伴關係的多元化，並採取更為平衡、多極化的外交方針。
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