If I had to sum up my practical skills, I would use one word: survival. And operating a hedge fund utilized my training in survival to the fullest. George Soros

1. Trump Rejects Push for International Pact to Manage Risks of AI — Donald Trump dismissed calls for an international agreement to put guardrails around the development of artificial intelligence, brushing off concerns about the dangers of frontier models going rogue. World leaders converged on New York for the UN’s annual gathering at a moment of escalating anxiety about AI after researchers at the most advanced developers warned that the technology could wipe out humanity without proper controls.OpenAI, which opened the AI era with the release of ChatGPT in 2022, on Monday called for internationally agreed standards to ensure that AI can be developed safely.
2. US Mortgage Rates Surge Above 7% to a More Than Two-Year High — The contract rate on a 30-year fixed mortgage rose 15 basis points to 7.12% in the week ended Sept. 18, according to Mortgage Bankers Association data released Wednesday. That was the highest since May 2024. The five-year adjustable-rate mortgage, however, fell 13 basis points to 6.1%. With borrowing costs climbing, fewer Americans are applying for home financing. The MBA purchase index, a measure of loan applications, fell 0.8% to a four-week low. The group’s refinance index dropped 2.6% to the lowest level since February 2025. Breaking through the 7% barrier could dampen demand further.
3. KB Home Cuts Margin Outlook as Housing Conditions Worsen — The homebuilder said Tuesday it now expects annual gross profit margin to be 16.0% to 16.2%, down from its earlier guidance of 16.1% to 16.5%. It now expects housing revenue to be $4.9 billion to $5.1 billion, compared with its earlier range of $4.9 billion to $5.3 billion. Its projection for annual home deliveries remained the same, at 10,500 to 11,000 homes. The lower margin guidance is due to the fact that the current fourth quarter is looking less promising than executives originally thought, Hollinger said. Management now expects a smaller contribution from higher margin communities on the West Coast, primarily due to worse conditions in Southern California.

strong>The week ahead — Economic data from Econoday.com:

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