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. Ends Naval Blockade of Iran
English Summary
The U.S. has lifted its naval blockade on Iranian ports following a 60-day Memorandum of Understanding (MOU) with Tehran, signaling an immediate de-escalation of hostilities. This agreement mandates the phased end of conflict, including Iran's commitment to removing military obstacles and conducting demining operations within 30 days. While U.S. forces will withdraw from proximity to Iran shortly, naval assets remain temporarily in the Middle East to ensure adherence to the terms. The MOU also guarantees safe passage through the Strait of Hormuz without charge for two months, though long-term governance of this critical chokepoint remains unresolved.
中文摘要
美國在與德黑蘭簽署了為期六十天的諒解備忘錄（MOU）後，已解除對伊朗港口的封鎖，這標誌著敵對行動立即降級。該協議要求逐步結束衝突，包括伊朗承諾在 30 天內清除軍事障礙並進行排雷行動。雖然美國部隊將很快從接近伊朗的區域撤離，但海軍資產仍會暫時留在中東以確保條款得到遵守。此外，此備忘錄還保證了霍爾木茲海峽為期兩個月的無費安全通行權，儘管這個關鍵咽喉點的長期治理問題仍有待解決。
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