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 Reformists: From Failure to Sobering Realization
English Summary
Following the brutal suppression of late 2025 protests, Iranian reformists have shifted from advocating gradual internal change to openly challenging the Islamic Republic's foundational legitimacy. Key leaders like Mir-Hossein Mousavi and Mehdi Karroubi are now demanding national referendums on a new constitution, signaling a break from their previous commitment to the regime's core principles. While their current organizational power is weak and public trust has eroded, these figures could serve as a critical ideological bridge and moderate governing alternative during a future period of regime erosion or transition. This potential role is amplified by the lack of other viable, domestically-led opposition groups capable of managing a political shift.
中文摘要
在 2025 年底抗議活動遭到殘酷鎮壓後，伊朗改革派已從主張漸進的內部變革，轉向公開挑戰伊斯蘭共和國的合法性基礎。穆薩維（Mir-Hossein Mousavi）和卡魯比（Mehdi Karroubi）等關鍵領袖目前正要求針對新憲法舉行全民公投，這標誌著他們與以往對政權核心原則的承諾決裂。儘管他們目前的組織力量薄弱且公眾信任度下降，但在未來政權侵蝕或轉型期間，這些人物可能成為關鍵的思想橋樑和溫和的執政替代方案。由於缺乏其他有能力管理政治轉型的可行、國內領導的反對組織，這一潛在角色更顯重要。
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