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.
What the Iran War Means for China
English Summary
The article argues that the decline of U.S. global authority, exacerbated by the return of Donald Trump, presents a strategic advantage for China. Key evidence points to Washington's diminishing commitment to the rules-based order and its waning global credibility. This erosion of U.S. moral authority makes it increasingly difficult for other nations to rally around the American model. Consequently, the weakening global standing of the U.S. is viewed as beneficial to Beijing, facilitating China's geopolitical ambitions in the region.
中文摘要
本文論述美國全球權威的衰退，尤其是在唐納德·川普重返政壇的背景下，為中國提供了戰略優勢。關鍵證據指出，華盛頓對基於規則的國際秩序的承諾正在減弱，其全球信譽亦在衰退。美國道德權威的這種侵蝕，使得其他國家難以圍繞美國模式進行集結。因此，美國全球地位的削弱被視為對北京有利，有助於中國實現其在該地區的地緣政治雄心。
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