Twenty-five years ago today, I was awakened early in the morning by a phone call.

I was in Tucson, Arizona, attending a conference for work and had been up relatively late the night before, speaking and socializing with others at the event. At approximately 6:00 a.m., after my hotel room phone had been ringing repeatedly, I groggily picked it up. It was my wife, Wendi, calling to tell me what had happened in New York.

As shocking as the news was, she knew I was in Arizona and not in New York City, where I frequently traveled for work and had been inside the World Trade Center many times. My family knew how often I traveled to New York, but didn’t necessarily know where I was week to week. They had been frantically calling Wendi to make sure I was safe. Eventually, the calls became overwhelming. She needed to hear my voice, know that I was OK, and be able to tell everyone else the same.

A day later, with air travel across the country still grounded, I set off on a 40-plus-hour drive over three days to get back home to New Hampshire. I crossed New Mexico and the Texas Panhandle, spent nights in Oklahoma City and Cleveland, and eventually made it home.

I was hardly alone. Thousands of people were doing much the same thing - finding whatever way they could to get home, traveling across the country by car, bus, and train. Amid the uncertainty, fear, and disbelief, I think we all understood something: life in America would never be quite the same.

And it wasn’t.

For those of us who lived through September 11, 2001, that day became a dividing line in our nation's history and, in many ways, in our collective psyche. It took me almost twenty years to visit the 9/11 Memorial. My work never brought me back to Lower Manhattan; the firms I had once visited there relocated to Midtown. But the truth is, I didn't particularly want to return. The memories were simply too painful.

Eventually, with time, I was ready to go back. My experience, of course, was a distant one compared with those who suffered an unimaginable loss that day. Nearly 3,000 people left for work, boarded airplanes, reported for duty, or simply went about their morning and never returned home on that bright blue day. Behind every one of them were spouses, children, parents, siblings, friends, and colleagues whose lives were forever changed.

In recognition of the 25th anniversary of September 11, this week's newsletter looks back at some of the ways that day changed America, and how its effects continue to shape the country we live in today.

From Unity to… Something Else: This article examines how the extraordinary sense of national unity that followed the attacks eventually faded and argues that some of the events and decisions that followed 9/11 helped sow the seeds of the political and cultural divisions we see today. How the Unity of 9/11 Sowed the Seeds of America’s Deep Political Division - WSJ

The Legacies of 9/11 We Live with Today: The events of 9/11 created lasting changes that affect everyday life today, including expanded security measures, new federal agencies, and increased surveillance. Before 9/11, there was no Department of Homeland Security, no TSA, no ICE, in their current forms. There was no Patriot Act, and many of the security and surveillance structures that are commonplace today did not exist. 9/11 changed the U.S.; can we change back? - CBS News

One Attack, Many Americas: This article explores how Americans remember and interpret the legacy of 9/11 differently based on their ages, experiences, and personal connections to the events. For those in their 20’s and younger (approximately one in four Americans), it is a historical event. For older Americans, it was a visceral experience that created a powerful sense of shared grief and unity, but whose long-term legacy has become more complex over time. Why 9/11 and its many griefs land differently 25 years later | AP News

Twenty-five years later, we honor those who lost their lives on September 11 and keep in our thoughts the families and friends who have carried their loss ever since.

Markets and Economy:

The Fed Chair’s Tight Spot with Inflation: This Friday morning, the inflation data will be released for August. And unless it comes in surprisingly low, it will leave Fed Chair Warsh in a tight spot. The Federal Reserve faces a particularly difficult decision at its September 15-16 meeting, caught between persistent inflation pressures and growing political calls for lower interest rates. President Trump has publicly pushed the Fed and central banks to cut rates, arguing monetary policy remains too restrictive. However, inflation remains above the Fed’s 2% target, leaving policymakers wary that easing too soon could reignite price pressures. Markets have consequently been debating whether the Fed’s next move will be a cut, no change, or potentially a rate increase. The September meeting therefore represents an important test of the Fed’s commitment to making policy based on economic data while maintaining its independence from political pressure. CNBC

Financial Planning/Investment Strategy Corner:

What Should You Do With an Inherited Home? Nine percent of all single-family homes in the U.S. are inherited. And the great wealth transfer from Baby Boomers down to other generations will be increasing in years to come. Inheriting a home can be both an emotional and financial decision, particularly when the property has been in the family for many years. Heirs generally have three choices: sell it, rent it, or keep it, and each comes with different financial considerations. Selling may provide immediate liquidity and simplify an estate, while renting can generate income but also brings the responsibilities and costs of being a landlord. Keeping a property can make sense for personal or sentimental reasons, but carrying costs need to fit within an owner’s budget and broader financial plan.

Taxes are also important. Inherited property generally receives a step-up in cost basis to its fair market value at the previous owner’s death, which can substantially reduce the capital-gains tax if it is sold relatively soon afterward. The decision becomes more complicated when multiple family members inherit the property and have different financial needs or emotional attachments. The key is to evaluate the home like any other significant asset, considering its value, costs, taxes, income potential, and role in your overall financial picture before deciding what to do with it. CNBC

Quick Takes:

• The 500-mile walk of the Camino de Santiago pilgrimage in Spain is becoming popular for many reasons: faith, grief, retirement, escape, and more: WSJ
• Intrinsic capacity is becoming an important metric to measure longevity: NYT
• Why a tech-saturated generation is turning to grandma hobbies: Straight Arrow
• The 60 most anticipated books coming out this fall: Kirkus Reviews
• Recipes that celebrate the fall bounty: Epicurious

Quote: “If we learn nothing else from this tragedy, we learn that life is short and there is not time for hate.” Sandy Dahl, wife of Flight 93 pilot Jason Dahl

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