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.
Report to Congress on Iran’s Nuclear Program and UN Sanctions Reimposition
English Summary
The report details a significant shift in the international governance of Iran's nuclear program, marked by the E3 successfully reimposing UN sanctions via the 'snapback' mechanism in late 2025. This geopolitical pressure coincided with U.S.-Israeli airstrikes, which prompted the IAEA to withdraw its inspectors, creating a critical vacuum of international oversight. The combination of reimposed sanctions and diminished monitoring suggests that Iran's program is operating under heightened risk and ambiguity. Policymakers must adjust strategies to account for this volatile environment, prioritizing robust intelligence gathering and potential non-diplomatic containment measures.
中文摘要
本報告詳述了伊朗核計畫的國際治理格局發生重大轉變，標誌著E3在2025年末透過「自動恢復機制」（snapback mechanism）成功重新實施聯合國制裁。此地緣政治壓力與美以空襲行動同時發生，促使國際原子能機構（IAEA）撤回其檢查員，從而造成了國際監督的關鍵真空期。制裁重施與監測能力減弱的結合顯示，伊朗的計畫正處於高度風險和不確定性的運營狀態。政策制定者必須調整策略以應對這種動盪的環境，應將重點放在穩健的情資收集，以及潛在的非外交遏制措施上。
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