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.
Air Force Wants New 1,000-Nautical Mile Range Missile for Air, Sea Targets
English Summary
The Air Force plans to develop a family of next-generation missiles with ranges exceeding 1,000 nautical miles to strike air, land, and sea targets far and fast. This strategic push is driven by the necessity of countering China's advanced area denial networks and formidable air/naval forces in potential Western Pacific conflicts. By fielding these long-range systems, the U.S. aims to operationalize a comprehensive 'long-range kill chain,' significantly enhancing its power projection capabilities and maintaining deterrence against Beijing’s expanding military posture.
中文摘要
空軍計劃開發一系列射程超過 1,000 海里的下一代飛彈，以遠距離快速打擊空、地、海目標。這項戰略推動旨在應對潛在西太平洋衝突中中國先進的區域拒止網路和強大的空海武力。透過部署這些長程系統，美國旨在建立一套全面的「長程殺傷鏈」，顯著提升其力量投射能力，並維持對北京不斷擴張軍事態勢的威懾。
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