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.
U.S. Marines Kick Off Kamandag 10 Exercise in the Philippines
English Summary
U.S. Marines have commenced Kamandag 10, a major joint military exercise involving Philippine, Japanese, and South Korean forces across the archipelago. The extensive training regimen—covering maritime security, amphibious raids, and airfield seizure—is designed to enhance interoperability and directly support the Philippines' Comprehensive Archipelagic Defense Concept. This sustained participation by key regional allies demonstrates a deepening commitment to collective defense capabilities among partners in the Indo-Pacific. Strategically, these exercises reinforce multilateral deterrence and solidify alliance cohesion amidst escalating geopolitical tensions.
中文摘要
美國海兵隊已啟動「卡曼達格 10」（Kamandag 10）大型聯合軍事演習。此次演習涉及菲律賓、日本和韓國等國的部隊，橫跨整個群島。這項全面的訓練課程涵蓋了海上安全、兩棲突擊和飛機場佔領等多個領域，旨在提升各方的互操作性，並直接支持菲律賓的全面群島防禦概念。關鍵區域盟友持續參與，展現出在印太地區深化集體防禦能力的承諾。從戰略角度來看，這些演習強化了多邊威懾能力，並在日益升高的地緣政治緊張局勢中鞏固了聯盟的凝聚力。
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