> ## Content Index > Fetch the complete content index at: https://keep-and-grow.ghost.io/llms.txt > Use this file to discover other available public pages before exploring further. # A Fed insider just admitted what the others won't - URL: https://keep-and-grow.ghost.io/a-fed-insider-just-admitted-what-the-others-wont/ - Published: 2026-09-23T14:00:01.000Z - Updated: 2026-09-23T14:00:00.000Z - Author: Ray Caldwell | ![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/logo-1-icon.png)![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/logo-1-text.png)Wednesday · September 23, 2026 · with Ray![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/divider-1.png) | | 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| | Above the FoldA Fed official said the quiet part out loudThe stock market keeps setting records, and at the very same moment a Federal Reserve official is warning that the road ahead may hurt. Chicago Fed president Austan Goolsbee said this week that wringing inflation back down to 2 percent could cost real jobs and slower growth, because so much of today's price pressure comes from supply shocks, oil near a hundred dollars after the war in Iran, and wave after wave of tariffs, that rate hikes cannot cure. The Fed's only lever is to cool demand, and cooling demand means fewer paychecks. That puts him openly at odds with Chair Kevin Warsh, and it is a rare thing to hear a central banker name the trade-off so plainly.![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/09/Lectern-microphone.jpg)I found it refreshing, honestly, even if it is not cheerful. Most of the time the official line is that inflation can come down painlessly while everyone keeps their job and their raise. Sometimes that is true. This time two serious people at the same Fed cannot agree on it, and when the experts are split, a household has no business pretending it knows. I do not, and I would not trust anyone who says they do. What I can do, and what anyone can do, is stop trying to forecast the storm and get a little more weatherproof instead: income I can count on, a cash cushion so I am never forced to sell something at the worst possible moment, and no more variable-rate debt than I can shrug off. You do not have to predict a rough patch to be ready for one.From WashingtonThe Social Security raise a lot of people missedA change that quietly restored money to millions is still news to many of the people it helps. The Social Security Fairness Act, signed at the start of 2025, permanently repealed two old rules, the Windfall Elimination Provision and the Government Pension Offset, that had shaved down or erased Social Security for people who also collect a public pension. Think teachers, firefighters, police, and other state and local workers whose jobs did not pay into Social Security.About 3.2 million people are now getting a bigger monthly check, and some are seeing more than a thousand dollars a month more than before. The increase is not a flat figure; the government recalculates each person individually based on their pension and their earnings record. Two details are worth knowing. The change reaches back to January 2024, so many people were owed a lump sum of back pay on top of the higher monthly amount, and full spousal and survivor benefits that used to be offset are now payable too. If a household includes anyone who spent a career in public service and drew a pension, it is worth confirming the benefit was actually recalculated. I have seen government paperwork move slowly. The details are on the [Social Security](https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html?ref=keep-and-grow.ghost.io) site. Money only, no politics.THE LEDGERTuesday's close · markets![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/logo-1-icon.png)S&P 5007,764.64flatNasdaq27,244.28record closeDow Jones51,863.69▼ 0.36%10-yr Treasury4.96%little changedGold$4,308 / ozeasedWTI crude$95 / bblsteadyUS Dollar (DXY)100.53-wk highSource: [Yahoo Finance](https://finance.yahoo.com/quote/%5EGSPC/?ref=keep-and-grow.ghost.io) · [U.S. Treasury](https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics?ref=keep-and-grow.ghost.io) (10-yr)Tomorrow TodayA cancer shot, built for one person![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/09/Vaccine-vial.jpg)Some news has nothing to do with your wallet and everything to do with why the wallet matters. This summer, a personalized cancer vaccine from Moderna and Merck succeeded in a large late-stage trial, cutting the odds that an aggressive skin cancer comes back after surgery. It uses the same messenger-RNA technology behind the COVID shots, except each dose is custom-built to a patient's own tumor. It is the first mRNA cancer treatment to clear a trial this size, and the companies are already testing the approach against lung, bladder, kidney, and pancreatic cancers.The money angle is a quiet one, and it cuts two ways. First, breakthroughs like this are the reason a person plans for a long life and guards good health coverage, because the medicine that saves you is often the expensive kind, and it tests the fine print of any insurance. Second, a headline this good always sends a swarm of biotech stocks soaring on hope alone, years before most of these therapies are approved or paid for. I do not buy a cure, I just root for it, and keep the speculation money small. The trial results are reported by [CNN](https://www.cnn.com/2026/08/19/health/moderna-merck-mrna-melanoma-vaccine?ref=keep-and-grow.ghost.io).The FiveFive things worth a minute1**A Fed official breaks ranks.** Chicago's Austan Goolsbee warned that beating inflation may cost jobs, splitting with Chair Warsh.2**Nasdaq at another record.** The index rose about half a percent Tuesday to a fresh high as the AI trade rolled on.3**The Dow slipped.** The blue-chip average fell 185 points as the day's gains stayed narrow.4**Dollar at a three-week high.** The index firmed to about 100.5 on hawkish Fed talk.5**Gold pulled back.** Bullion eased toward $4,308 an ounce as the dollar climbed.THE MONEY METERWhat your money is up against![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/logo-1-icon.png)Fed funds rate3.75–4.00%hiked Sep 1630-yr mortgage6.95%Freddie · Sep 17Gas (nat'l avg)$4.22 / gal4-yr highInflation (CPI, yr/yr)3.4%BLS · AugustMedicare Part B$202.90/moCMS · 2026Source: [Federal Reserve](https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm) · [Freddie Mac](https://www.freddiemac.com/pmms?ref=keep-and-grow.ghost.io) · [AAA](https://gasprices.aaa.com/?ref=keep-and-grow.ghost.io) · [BLS](https://www.bls.gov/cpi/?ref=keep-and-grow.ghost.io) · [CMS](https://www.cms.gov/newsroom/fact-sheets/2026-medicare-parts-b-premiums-and-deductibles?ref=keep-and-grow.ghost.io)The Long ViewYou don't have to predict it to survive itTwo capable people at the same central bank looked at the same economy this week and reached different conclusions about what happens next. One thinks inflation can fade without much damage; the other thinks the bill comes due in jobs. I am not going to referee that. The useful thing about watching the experts disagree is that it frees you from the trap of thinking you need the right forecast. You do not. Forecasts are how smart people go broke with confidence.The plan that survives does not depend on guessing the weather. It depends on being built for weather: income that keeps coming, a cushion of cash that lets you wait out a bad stretch instead of selling into it, fixed costs low enough that a lean year is uncomfortable rather than dangerous. I spent thirty-five years watching the people who slept fine in every kind of market, and they were almost never the sharpest forecasters. They were the ones who did not need a forecast to be all right. Build the plan that does not care who is correct about next year. I've seen this on enough tax returns to know where it goes. Mind what you keep.Mind what you keep.— Ray![Ray](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/sign-1.png) | | ![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/divider-1.png)![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/logo-1-icon.png)![](https://storage.ghost.io/c/45/25/4525a9ae-12a6-4c7a-823e-c215b2ca9eb5/content/images/2026/08/logo-1-text.png)It's not what you make — it's what you keep. |