Government money is being steered toward space and defense projects while inflation stays high, which is good for Musk and defense contractors and bad for people already squeezed by prices.

• Trump signed an order creating a US Space Academy and touted Space Force as a top military branch, opening the door to more contracts.
• SpaceX plans a $100 billion spaceport in Louisiana, promising over 10,000 jobs — and standing first in line for the federal money.
• All of it is funded with more debt, deepening a split economy where the gains land with a few owners at the top.
• Kevin Warsh warned at Jackson Hole that inflation is still far above target and hinted rates may need to go up, with some in the market betting on three hikes starting as soon as December.
• Corn and wheat hit three-year highs on tight US supply and Black Sea export disruptions, while gas stays expensive — pressure the Fed can't fix with rates.

Outlook: A rate hike is now more likely than not in the coming months, even as the job market weakens and food and energy costs keep climbing.