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.
Correcting Some of the Mistakes Cops Make When Practicing Medicine
English Summary
H.R. 9186 proposes reforming the Controlled Substances Act by updating definitions of "accepted medical use," distinguishing dependence from abuse, and prioritizing scientific evidence in drug scheduling. The bill addresses how current overly restrictive definitions and law enforcement influence have impeded medical research and patient access to potentially therapeutic substances like psychedelics. Key reforms include broadening what qualifies as accepted medical use beyond FDA approval alone and requiring regulators to balance risks against medical benefits rather than focusing primarily on harms. If enacted, the bill could reduce research barriers, improve clinical care for patients, and move drug policy toward a more evidence-based approach, though it does not fully resolve law enforcement's role in medical decisions.
中文摘要
H.R. 9186提案建議改革《管制物質法》，通過更新「認可醫療用途」的定義、區分依賴與濫用，以及在藥物分類中優先採用科學證據。該法案指出，現行過度限制性的定義和執法影響如何妨礙醫學研究和患者獲取具潛在治療價值的物質（例如迷幻藥）。主要改革包括：拓寬「認可醫療用途」的範圍，超越美國食品藥物管理局(FDA)的批准；以及要求監管機構在衡量風險與醫療效益時取得平衡，而非僅關注潛在危害。若該法案頒布實施，將可能降低研究障礙、改善患者臨床護理，並推動藥物政策朝向更為證據驅動的方向發展，儘管仍未完全解決執法部門在醫療決策中的角色問題。
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