The China-Russia partnership is a highly consequential geopolitical alignment driven by a shared goal of countering U.S. hegemony and reshaping the international order into a multipolar system. While not a formal alliance, this relationship is strengthened by Russia's increasing economic reliance on China following Western sanctions, which allows Beijing to leverage its influence. Policymakers should note that while the partnership projects deep solidarity (as seen in high-level summits), it remains complex and limited by mutual mistrust and competing strategic interests. This enduring alignment poses a significant challenge to U.S. interests and requires continued diplomatic vigilance.
What are trimmed mean and median inflation rates? And why does Kevin Warsh prefer them?
English Summary
The Brookings article analyzes alternative inflation metrics, such as the trimmed mean and median, which proponents argue are superior to traditional core indices because they statistically filter out extreme price outliers (noise). These methods remove the most volatile price changes from the distribution, aiming to provide a cleaner, more accurate measure of underlying inflation and economic slack. While these metrics are useful for identifying long-term trends, the analysis cautions that they can systematically understate inflation during periods of large, one-time shocks (e.g., tariffs or energy crises). Policymakers must be aware that relying solely on these filtered metrics could lead to misjudgments of the true inflationary trajectory, potentially impacting monetary policy decisions.
中文摘要
該布魯金斯學會的文章分析了替代性通貨膨脹指標，例如剔除平均值和中位數。支持者認為這些指標優於傳統核心指數，因為它們能在統計學上過濾掉極端的價格異常值（即「雜訊」）。這些方法旨在移除價格分佈中最具波動性的變動，從而提供衡量潛在通貨膨脹和經濟鬆弛度更清晰、更準確的指標。雖然這些指標有助於識別長期趨勢，但該分析警告指出，在經歷大型、一次性衝擊（例如關稅或能源危機）的時期，它們可能會系統性地低估通貨膨脹。政策制定者必須意識到，單獨依賴這些經過過濾的指標可能會導致對真實通貨膨脹軌跡的誤判，進而影響貨幣政策的決策。
Related Entries
-
1.
-
2.
The Chatham House analysis concludes that the UK's Defence Investment Plan (DIP) will be viewed by NATO allies as a mixed bag, primarily due to its failure to commit to higher GDP spending targets. However, the plan signals critical strategic improvements by emphasizing novel technologies—such as autonomous systems and digital infrastructure—and enhancing readiness. Crucially, the DIP adopts an international focus through major collaborative programs (e.g., AUKUS, GCAP) and establishes a new National Armaments Director Group (NADG). This structural shift toward flexible, portfolio-based collaboration is strategically valuable for NATO allies seeking reliable partners as US conventional forces reduce their European presence.
-
3.
The article argues that the U.S., through recent policy signals—such as questioning NATO's value or sympathizing with great-power territorial claims—is inadvertently adopting the core tenets of non-alignment, prioritizing transactional national interests over binding alliances. Historically, while non-alignment allowed developing nations to gain benefits without commitment, the analysis notes that this approach lacks the deep trust and shared obligations necessary for robust security structures. The implication is critical: by undermining established alliances, the U.S. risks losing its greatest strategic asset—the network of mutual commitments—as allies actively seek alternative bilateral or regional defense pacts.
-
4.
The CSIS analysis finds that the U.S. grid's regulatory framework for connecting large loads is severely fragmented and unprepared for the massive electricity demands posed by AI data centers. FERC has mandated significant reforms across six regional operators, requiring them to modernize interconnection studies, prevent cost-shifting, and establish clear tariffs for co-located generation. Evidence shows that most operators fall far short of these new standards, necessitating complex, multi-year policy adjustments rather than simple compliance. Policymakers must coordinate federal regulation (FERC) with state utilities to accelerate grid modernization, ensuring energy affordability while maintaining technological competitiveness.
-
5.
The Brookings report argues that while modern economies are fundamentally regional in nature, effective governance requires states to align their authority and resources with empowered local cross-sector networks. Current state economic development systems are often fragmented and ill-equipped to manage structural shifts like AI or the energy transition. To modernize, policymakers must adopt a structured 'state-regional' model where states define strategic clusters and allocate capital, while regions coordinate execution using deep local knowledge. This approach has proven successful in catalyzing billions in private investment by ensuring state resources are deployed strategically across multiple sectors to achieve measurable economic growth.