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.
Russia, China Fly Joint Bomber Missions Near Japan, South Korea
English Summary
Russia and China conducted joint bomber patrols near Japan and South Korea's air defense identification zones (ADIZs), prompting scrambles of fighter jets and formal protests from Tokyo and Seoul. These flights are framed by Moscow and Beijing as routine military cooperation, but regional powers view them as escalating demonstrations of force that challenge established security norms in the region. The repeated joint exercises signal a continued deepening of Russia-China military integration and increase strategic competition, heightening tensions across the Indo-Pacific theater.
中文摘要
俄羅斯和中國在接近日本及韓國的空域識別區（ADIZ）進行了聯合轟炸機巡邏，引發了東京和首爾的戰鬥機緊急升空以及正式抗議。莫斯科和北京將這些飛行活動定性為例行軍事合作，但區域大國則視其為挑戰既有安全規範、不斷升級的武力展示。這些重複的聯合演習顯示出俄中軍事整合持續深化，並加劇了戰略競爭，從而提高了整個印太地區的緊張局勢。
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