This week may have dashed any hopes Wall Street had that the US Federal Reserve would pivot from its aggressive effort to tame inflation. It did however present more good news for Americans looking for work. The September jobs report showed unemployment was back at a historic 50-year low, with employers continuing to hire at a solid pace. But the consumer spending and wage growth that comes with it likely means another 75 basis point rate hike is in store for November, a reality that has some investors worried again about a recession. It’s also not looking good for earnings: Big US banks report next week while results from several semiconductor manufacturers (a proxy for economic growth) telegraphed a deep tech downturn. And it gets worse: Oil prices could rise back above $100 per barrel given OPEC’s recent decision to cut production, likely accelerating the very inflation the Fed is working to slow. As for the global economy, there are additional warning signs. While the UK U-turn on tax cuts for the rich soothed nerves, bond markets face a potential cliff.

As Ukrainian forces reclaim more of their territory in the northeast, Vladimir Putin’s weaponization of energy continues to be felt worldwide. With winter approaching, Italy scrambled to restore cut-off gas deliveries. Blackouts in the UK and the rest of Europe may be unavoidable. And in Poland, people are burning trash to stay warm. This week’s move by OPEC may exacerbate the crisis. It definitely left the White House seething and showed that Putin has a friend in Saudi Arabia. Together, Javier Blas writes in Bloomberg Opinion, they form a “dangerous” axis when it comes to the future of energy security.

While Elon Musk restored his original offer to buy Twitter, he did so only after seeking a discount on the $44 billion deal. Talks between the Tesla CEO and the social media company are stuck on Musk’s statement that his offer is now contingent on receiving $13 billion in debt financing. Even with the revived discussions, the stock market isn’t entirely sold on the doneness of the deal. 

Credit Suisse’s missteps and sinking stock price have prompted comparisons with Deutsche Bank’s crisis of confidence six years ago. The Swiss bank has taken a page out of its German rival’s playbook by offering to buy back some debt to calm investors. Credit Suisse is weeks away from unveiling a restructuring that potentially involves deep cuts to its investment unit, asset sales and thousands of terminations.

Donald Trump claims he isn’t responsible for any classified documents found at his home since government employees moved his belongings from the White House. In fact, the boxes were packed and loaded on palettes beforehand, documents obtained by Bloomberg News show. Trump has asked the Supreme Court to intervene in the fight over the special master reviewing the documents.

Just call it upstate Brooklyn. A new hotel in the Hudson Valley wants to cater to the droves of New Yorkers seeking a respite from the city and a taste of farm life—for $1,000 a night. Back in the Big Apple, some of the most desirable co-ops are saving themselves by bending—or breaking—some of their stringent requirements. 

The view of New York’s Shawangunk Ridge, one of the highest-rated rock climbing destinations in the US. Photographer: Noe DeWitt

• The IMF and World Bank hold their annual meetings in Washington.
• UK finance minister Kwasi Kwarteng addresses restless Tory MPs.
• The key US inflation report, the consumer price index, is revealed.
• Bank of Korea policy decision amid a falling won and FX reserves.
• Japan opens visa-free travel to vaccinated tourists.

After $100 Billion, Self-Driving Cars Go Nowhere

They were supposed to be the future. But while the car industry’s biggest names still project optimism, the emerging consensus is that the world of self-driving cars isn’t around the corner—or down the road for that matter. State-of-the-art robot cars struggle with construction, animals, traffic cones, crossing guards and what are conventionally referred to as, well, left turns.

Illustration: Scott Gelber for Bloomberg Businessweek

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