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.
Virginia’s Hemp Crackdown and the Return of Prohibition
English Summary
The article argues that recent federal and state regulatory changes, exemplified by Virginia's new laws, constitute a return to prohibition by creating a 'regulatory cliff' for hemp-derived products. Key evidence includes Congress redefining hemp with strict THC thresholds and Virginia imposing an extremely low 2mg cap, provisions that will eliminate most low-cost, low-dose products and clear the market for existing, state-licensed medical operators. This policy shift has severe implications, as it forces compliant small businesses to close and pushes consumers who rely on these products out of the legal market. Consequently, the demand for these substances is likely to shift toward the illicit market, increasing risks associated with potency and lack of transparency.
中文摘要
本文論述，近期聯邦和州級的監管變動，以維吉尼亞州的新法案為例，構成了一種「監管斷崖」，導致葎草衍生產品面臨禁令式的限制。關鍵證據包括國會重新定義葎草並設定嚴格的THC閾值，以及維吉尼亞州實施極低的2毫克上限。這些規定將淘汰大多數低成本、低劑量的產品，並使市場主要由現有的、獲得州級許可的醫療營運商主導。此一政策轉變具有嚴重影響，它迫使合規的小型企業關閉，並將依賴這些產品的消費者推離合法市場。因此，這些物質的需求很可能會轉向非法市場，從而增加了潛在的效力不確定性和缺乏透明度所帶來的風險。
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