It’s summer, so the temperatures are rising in America, adding stress to automobiles motoring down highways. Modern cars have long had dashboards that communicate their health to the driver.
Regimes can only last so long. Eventually, wars, elections, or expiring appointments usher in change. Some changes are abrupt, and while it could be too early to tell, hints that the Federal Reserve is in the midst of a jarring transition right now are mounting. The first Federal Open Market Committee (FOMC) meeting with Kevin Warsh at the helm is now behind us.
Game five of the NBA Finals happens tomorrow night. As of this writing, the best-of-seven series is led by the New York Knickerbockers after a dramatic comeback at Madison Square Gardens for the first home-team win of the series. It has been decades since the New York Knickerbockers last won the title (1973 to be exact).
While there are others, matter typically comes in three phases: solid, liquid, and gas. Changes between two phases are known as transitions. For instance, when water (a liquid) is stored in a freezer long enough, it transitions into ice (a solid). Global monetary policy may be in the midst of a phase transition itself.
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