Fourteen of 15 boxes recovered earlier this year from former President Donald Trump’s Florida home included highly classified documents, according to a heavily redacted FBI affidavit released on Friday. The 32-page affidavit was used by the Justice Department to obtain the search warrant to search the Mar-a-Lago complex earlier this month. According to the document—which concerns a batch of documents retrieved in January—184 separate documents found among the files were considered classified, leading officials to conclude that the former president could possess additional such materials. Some of the documents contained markings indicating they were extremely sensitive, including intercepts of foreign communications, intelligence gained from human sources, and data collected under the Foreign Intelligence Surveillance Act, a 1978 law that set up a secret court to primarily approve spying on foreign nationals within the US. Today’s release, opposed by the Justice Department, offers the most insight yet into the government’s ongoing investigation and underscores the volume of sensitive material being kept in a private home. It also brings fresh scrutiny and legal trouble to Trump, who is gearing up for another presidential bid. —Margaret Sutherlin

Bloomberg is tracking the coronavirus pandemic and the progress of global vaccination efforts.

Federal Reserve Chair Jerome Powell signaled the US central bank is going to keep raising rates to control the highest inflation in decades—no matter what Wall Street thinks. The comments, made during the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming, sent stocks reeling Friday. Losses deepened in afternoon New York trading, with the S&P 500 seeing its worst day since mid-June and the Nasdaq 100 tumbling over 4%. Here’s your markets wrap. 

Jerome Powell in Jackson Hole, WY Photographer: David Paul Morris/Bloomberg

Beijing and Washington have reached a preliminary deal to allow American officials to review audit documents of Chinese businesses that trade in the US. It’s a first step toward avoiding the delisting of about 200 firms from New York exchanges. Securities and Exchange Chairman Gary Gensler told BloombergTV that officials would be able to assess by December whether they were getting sufficient access.

Moderna sued Pfizer and BioNTech claiming the technology in their Covid-19 shot infringes on its messenger RNA patents, a move that sets the stage for a massive legal clash between the vaccine titans. Early in the pandemic, Moderna promised not to enforce patents. Meanwhile, a new study showed Covid-19 booster shots protect people from severe illness for six months, with mRNA vaccines being most effective.

Ukrainian authorities are doing everything possible to prevent an emergency at the Zaporizhzhia nuclear power plant, which was partially cut off from the nation’s electricity grid overnight, Ukrainian President Volodymyr Zelenskiy said on Friday. Russia has occupied the plant since March. The state-owned operator of the site — the biggest nuclear facility in Europe — said there was no immediate emergency and power has been restored, but authorities have begun distributing iodine tablets as fears mount that continued fighting near the plant could result in a radiation leak.

From the US to Italy to China, the world’s rivers are drying up. Reservoirs have turned to dust. The world is fully in the grip of accelerating climate change, and it has a profound economic impact. Losing waterways means a serious risk to shipping routes, agriculture, energy supplies — even drinking water.

Heatwave in the UK dries up the Nailbourne, part of the River Stour. Photographer: Anadolu Agency/Anadolu

The end of cheap money. Soaring energy prices and crippling inflation. A recession on the horizon. The slowdown is coming for the UK’s housing market and some are concerned a sharp correction is on its way—just look at London.

The still-unfolding crypto winter, which leveled an entire blockchain’s ecosystem, a large hedge fund, a couple of crypto lenders, and an untold number of retail investors, sent crypto’s total market capitalization plummeting to about $1 trillion, from roughly $3 trillion at its peak in November. It was a $2 trillion wipeout…or so they say. 

• 3M can’t use bankruptcy to halt 230,000 lawsuits, judge rules.
• President Joe Biden’s approval rating jumped six-points in the latest poll.
• The world’s most popular password manager was hacked.
• Student loan relief might be taxed— if you live in one of these states.
• Bloomberg Opinion: Listening to European energy traders is terrifying.
• Microsoft co-founder’s collection could hit a record $1 billion at auction. 
• Here’s who bought the most expensive home in Dubai ever.  

Wrigley Field is holy ground for baseball fans. It attracts crowds no matter how well the Chicago Cubs play and the neighborhood around it has evolved over the years into an advertiser’s dream demographics. So, when it opens next year, the DraftKings Sportsbook at Wrigley will be another way for the Ricketts family (the Cubs’ owners) to maximize revenue and for DraftKings, capture new customers—and all their data. 

Wrigley Field Photographer: Jonathan Daniel/Getty Images

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Bloomberg Technology Summit: The global economy is being redesigned amid surging inflation, the Covid-19 pandemic, Russia’s war on Ukraine and the current bear market. Join Bloomberg Live in London and virtually on Sept. 28 to hear Europe’s business leaders, policymakers, entrepreneurs and investors explain how they’re adapting to this environment and discuss strategies to create business models that foster growth and innovation. Register here.