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.
Saudi Arabia’s New Approach to Israel and the Normalization Process
English Summary
Saudi Arabia has shifted from a path of gradual rapprochement to a policy of strategic distancing from Israel, making normalization unlikely in the near term. This shift is fueled by overwhelming domestic public opposition, increasingly harsh rhetoric from leadership regarding the conflict in Gaza, and a non-negotiable demand for a Palestinian state based on 1967 borders. Consequently, Riyadh now views normalization as a risk to its regional standing and domestic legitimacy rather than a strategic opportunity. Any return to the normalization trajectory will require significant developments in the Palestinian arena and a fundamental reassessment of Israel's regional role.
中文摘要
沙烏地阿拉伯已從漸進和解轉向與以色列保持戰略距離的政策，使短期內關係正常化的前景變得渺茫。此一轉變源於國內輿論的強烈反對、領導層針對加薩衝突的辭令日益嚴厲，以及堅持以1967年邊界建立巴勒斯坦國的強硬立場。因此，利雅德目前將關係正常化視為對其區域地位與國內政權合法性的威脅，而非戰略機遇。若要重啟正常化進程，必須仰賴巴勒斯坦議題取得實質進展，並對以色列的區域角色進行根本性的重新評估。
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