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.
Trump’s Board of Peace: An Initiative for the Gaza Strip or an Alternative to the UN?
English Summary
The INSS reports that President Trump’s 'Board of Peace' (BoP) has evolved from a specific Gaza stabilization initiative into a global conflict-resolution mechanism that bypasses the UN framework, leading to a refusal by major Western democracies to participate. This highly centralized body, controlled personally by Trump, lacks broad international legitimacy and relies on a mix of regional partners and non-democratic states. While the BoP may successfully oversee short-term operational goals in Gaza due to US and regional backing, its long-term viability is threatened by its isolation from traditional Western allies. For Israel, participation offers direct influence over Gaza's reconstruction but risks diplomatic isolation within a board composed of regional rivals.
中文摘要
以色列國家安全研究所（INSS）報告指出，川普總統的「和平委員會」（Board of Peace, BoP）已從一項針對加薩穩定的特定倡議，演變成一個繞過聯合國框架的全球衝突解決機制，導致主要西方民主國家拒絕參與。這個高度集權、由川普親自掌控的機構缺乏廣泛的國際正當性，且依賴區域夥伴與非民主國家的結合。雖然在美國與區域的支持下，BoP 可能成功監督加薩的短期行動目標，但其與傳統西方盟友的疏離威脅了其長期可行性。對以色列而言，參與其中雖能直接影響加薩重建，但也面臨在由區域競爭對手組成的委員會中陷入外交孤立的風險。
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