卡托研究所货币与金融替代方案中心研究员Jai Kedia表示，将政治经济动荡归咎于美联储，这在美国政 坛早已司空见惯。但近期针对美联储的抨击已突破常规尺度，甚至可能严重损害其公信力。 Kedia表示，当前正值美联储启动2025年框架审查的关键窗口，这或是推行规则化的黄金契机。若美联 储仍拒绝变革，国会应考虑立法强制其接受规则约束——这不仅是为遏制自由裁量权的滥用，更是保护 美联储免受政治攻击的最后防线。 特朗普公开辱骂美联储主席鲍威尔是"榆木脑袋"和"蠢货"，副总统万斯指责美联储拒绝降息是"货币政 策渎职"，商务部长卢特尼克更直接警告鲍威尔"你的职责是帮助美国人而非伤害他们"。 抛开这些幼稚的人身攻击，特朗普政府对美联储的施压暴露出更深层问题：货币政策决策既缺乏标准又 晦涩难懂。公众该如何客观评估这些批评的合理性？又如何量化美联储的执政表现？ 以新冠疫情后的通胀失控为例。美联储当时将物价上涨定性为"暂时性现象"，迟迟不愿提高基准利率， 最终导致通胀根深蒂固。但值得注意的是，当时经济学界共识确实未能预见通胀会如此严重偏离趋势 线。 判断美联储表现的最佳方式，是将其实施利率与主流货币政策规则的建议值进行对比——多 ...

Core Points - The newly revised Anti-Unfair Competition Law will take effect on October 15, 2025, prohibiting large enterprises from delaying payments to small and medium-sized enterprises (SMEs) for goods, projects, and services [1] - The law aims to enhance the regulatory framework for unfair competition, strengthen enforcement, and maintain market order [1] Summary by Sections General Principles - The law includes five chapters: general principles, unfair competition behaviors, investigations of suspected unfair competition, legal responsibilities, and supplementary provisions [1] - It emphasizes the establishment of a unified, open, competitive, and orderly market system [1] Unfair Competition Behaviors - Large enterprises are prohibited from abusing their advantages to disrupt fair competition, including imposing unreasonable payment terms on SMEs [2] - The law addresses malicious trading and data rights violations, stating that operators cannot use fraudulent or coercive methods to obtain or use data from other operators [2] False Advertising Regulations - The law includes provisions against false advertising, requiring operators to avoid misleading claims about their products [3] - Suggestions were made to further clarify the definition of unfair competition in the digital environment, particularly regarding AI-generated content [3] Platform Competition Regulations - There is a focus on regulating platform operators' unfair competition behaviors, including the prohibition of forced low pricing and other unreasonable pricing practices [7][8] - The law aims to address issues like "malicious returns" and the misuse of platform rules that harm other operators [7] Enforcement and Penalties - The law seeks to refine the discretionary power of enforcement agencies to ensure fair and consistent application of penalties for violations [3][4] - Recommendations were made to establish joint liability for those who knowingly assist in unfair competition practices [4] Importance of the Law - The revised law is seen as crucial for promoting fair competition and protecting the rights of both operators and consumers [6][4]