The article argues that current market borrowing costs are rising independently of the Federal Reserve's policy stance, challenging the assumption that the Fed controls all rates. Evidence shows significant increases in key rates—such as 2-year Treasuries and mortgages—even while the effective federal funds rate remains steady. This divergence occurs because market rates reflect complex factors like inflation expectations, credit risk, and geopolitical volatility, which are outside the central bank's direct control. Policymakers should therefore recognize that sustainable rate moderation requires credible disinflation and disciplined government budgets, rather than relying solely on Fed intervention.
The Government Can't Mandate Ideological Views in Professional Education
English Summary
The article argues that state mandates, such as California's requirement for 'implicit bias' training in continuing medical education (CME), violate the First Amendment by compelling private speech. The key reasoning is that the government-speech doctrine cannot be used to transform private educational content into state-owned speech merely by attaching it to professional licensing requirements. If allowed, this precedent could enable states to censor and dictate professional knowledge across numerous fields (e.g., law, accounting) through occupational licensing regimes. Policy-wise, the authors urge the Supreme Court to limit this doctrine, preventing states from using professional education requirements as a tool to enforce specific ideological viewpoints.
中文摘要
本文論點指出，州政府的規定，例如加州要求在持續醫學教育（CME）中進行「潛在偏見」培訓，構成強制私人言論，從而違反了《美國憲法》第一修正案。其核心論據是，政府言論原則不能被用來將私人教育內容轉化為國家所有言論，僅僅因為將其與專業執照要求掛鉤。若允許此類先例，州政府可能會透過職業執照制度，對眾多領域（例如法律、會計）的專業知識進行審查和規定。從政策角度來看，作者呼籲最高法院限制此一原則，以防止州政府將專業教育要求作為工具，來強制執行特定的意識形態觀點。
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