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 Effect of Online Sales Bans on E‑Cigarette Use
English Summary
A study analyzing the impact of online sales bans on electronic nicotine delivery systems (ENDS) found no evidence that such legislation successfully reduced e-cigarette use among youth or adults. The research indicates that these bans are largely ineffective because young people rarely used the internet for acquisition, and instead, consumption shifted from legal online purchases to illegal shipments and in-person sources like family and friends. Consequently, while online sales dropped significantly (40–50%), overall usage remained high, suggesting that regulatory efforts focused solely on digital channels merely redirect—rather than curtail—consumption.
中文摘要
一項分析線上銷售禁令對電子尼古丁遞送系統（ENDS）影響的研究發現，此類立法並無成功降低青少年或成人使用電子香菸的證據。研究指出，這些禁令在很大程度上是無效的，因為年輕人很少透過網路進行購買；相反地，消費行為從合法的線上購買轉移到了非法的快遞和親友等實體來源。因此，儘管線上銷售額顯著下降了（40–50%），但整體使用率仍保持在高位，這表明僅專注於數位管道的監管努力，只是將消費行為重新導向——而非真正遏制其消耗。
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