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.
Treasury Auctions Show That the Fed Does Not Control Market Rates
English Summary
The article argues that the Federal Reserve's control over market interest rates is often overstated, with market forces frequently dictating rate movements. This is evidenced by recent Treasury auctions where rates surged independently of any Fed policy changes, demonstrating the Fed's reactive rather than proactive role in setting rates. The author suggests that Congress should impose guardrails on the Fed's discretionary powers, advocating for a more objective, rule-based monetary policy to enhance accountability and align better with market conditions.
中文摘要
文章主張，聯邦儲備委員會對市場利率的控制常被誇大，市場力量頻繁主導利率波動。近期美國財政部債券拍賣中，利率的飆升獨立於聯準會的任何政策變動，證明了聯準會在設定利率方面扮演的是反應而非主動的角色。作者建議國會應對聯準會的自由裁量權施加限制，倡導更客觀、基於規則的貨幣政策，以增強問責制並更好地符合市場狀況。
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