1/ The United Nations warned that the world is “on the edge of a recession.” In a new report, the United Nations Conference on Trade Development said that tightening monetary policy meant to fight inflation by central banks in the U.S., Europe, and the U.K. risks “pushing the world towards global recession and prolonged stagnation, inflicting worse damage than the financial crisis in 2008” and the Covid-19 contraction in economic activity. “Today we need to warn that we may be on the edge of a policy-induced global recession,” Secretary-General of UNCTAD Rebeca Grynspan said in a statement. “We still have time to step back from the edge of recession. Nothing is inevitable. We must change course.” The Federal Reserve, meanwhile, reaffirmed that bringing inflation down from its 40-year high will require a slowdown in economic growth and reduced demand for workers by employers. Interest rates are currently set in a range between 3 and 3.25%, and the Fed’s most recent projections suggest they’ll climb to 4.6% by the end of 2023. On the other hand, U.S. national debt exceeded $31 trillion for the first time, and the higher rates could add an additional $1 trillion to federal government interest payments this decade. (CNBC / CNN / Wall Street Journal / Yahoo News)

2/ Job openings dropped 10% in August to 10.01 million from 11.2 million in July. The 1.1 million drop in available positions is the largest decline since April 2020, and job openings are at their lowest level in a year. There are about 1.7 jobs for every unemployed person – down from about 2 in July. (Wall Street Journal / Bloomberg / CNBC / New York Times)

3/ Home prices in the U.S. posted their largest monthly declines since 2009. Median home prices fell by 0.98% from July to August, while mortgage rates have more than doubled – from less than 3% to nearly 7% – since 2021. Wall Street, meanwhile, has forecasted a 5% to 10% decline in U.S. home prices by the end of 2023, which would be the second-biggest home price decline since the Great Depression

4/ Trump asked the Supreme Court to intervene in the dispute over classified government documents the FBI seized from Mar-a-Lago, saying the special master should be allowed to review the classified documents. Last month the U.S. Court of Appeals for the 11th Circuit granted the Justice Department’s request to keep about 100 classified documents separate from the special master’s review. Trump’s legal team, however, claims that the 11th Circuit lack...