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.
From Ballistics To Cruise Turkiyes Missile Developments
English Summary
Türkiye is undergoing a profound strategic shift to achieve defense-industrial autonomy by building a sophisticated, multi-layered missile arsenal. This transformation is evidenced by a twin-track approach that combines limited foreign imports with aggressive domestic development of both ballistic and cruise missiles. Key advancements include extending missile ranges far beyond initial capabilities and enabling diverse, multi-platform strike options through domestic engine development. This rapid build-up significantly enhances Türkiye's strategic deterrent capabilities, reducing reliance on NATO guarantees and projecting power across wider regional areas.
中文摘要
土耳其正經歷一場深刻的戰略轉型，旨在透過建構複雜、多層次的飛彈武庫，實現國防工業自給自足。這一轉型體現了一種雙軌並行的策略：一方面有限地採購外國進口產品，另一方面積極推動國內對彈道飛彈和巡弋飛彈的開發。關鍵進展包括將飛彈射程大幅延伸，遠超初始能力，並透過本土引擎開發，實現多樣化的多平台打擊選項。此快速的軍備累積，顯著提升了土耳其的戰略威懾能力，使其減少對北約保障的依賴，並能夠將其戰力投射至更廣闊的區域範圍。
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