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Speaker 1: News when you want. It's with Bloomberg News Now. I'm

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Speaker 1: Doug Prisner. Republican Congressman Steve Scalise has abandoned his quest

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Speaker 1: to become US House speaker. More from Bloomberg's Ed Baxter.

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Speaker 2: Republicans are back to square one, will have to nominate

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Speaker 2: someone else. Scali says he will stay on on the

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Speaker 2: number two job.

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Speaker 3: This House of Representatives needs a speaker and we need

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Speaker 3: to open up the house again. But clearly not everybody

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Speaker 3: is there and there's still schisms that have to get resolved.

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Speaker 2: Yeah, Scali says, too much business. It needs to be done.

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Speaker 2: This needs to be resolved more quickly. Ed Baxter, Bloomberg Radio.

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Speaker 1: Well, the US has reached an informal understanding with Cutter

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Speaker 1: to hold off on distributing six billion dollars in oil

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Speaker 1: revenue to Iran. Now. Iran was allowed to access this

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Speaker 1: money as part of a prisoner exchange with the US.

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Speaker 1: Today's news comes as the Biden administration probes Tehran's potential

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Speaker 1: involvement in the attack on Israel by Hamas Earlier today,

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Speaker 1: US National Security Council spokesman John Kirby did not directly

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Speaker 1: answer if the funds were inaccessible to Iranian officials, but

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Speaker 1: he did stress that all six billion dollars remains accounted for.

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Speaker 4: Its still sitting in the cuttery bank, all of it,

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Speaker 4: every dime of it.

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Speaker 1: That is John Kirby from the National Security Council. China

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Speaker 1: make meantime making its first public contact with Israel since

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Speaker 1: last week's attack by Hamas. We heard earlier in the

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Speaker 1: day from china Special envoy to the Mid East. This

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Speaker 1: is Jai Jun. The statement from the Foreign Ministry said

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Speaker 1: that Jai said China condemns actions that led to the

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Speaker 1: death of civilians. The statement also saying that China is

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Speaker 1: willing to work with the international community toward peace talks. Earlier,

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Speaker 1: Israel's ambassador to China had called on Beijing to leverage

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Speaker 1: its close relationship with Iran to reign in Hamas. Iri

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Speaker 1: ben Abba told us that she expected China to say

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Speaker 1: more on the war.

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Speaker 4: If it really wants to see stability and to be

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Speaker 4: more active politically in trying to bring peace in the region,

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Speaker 4: it has to be more involved and to take a

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Speaker 4: more balanced, much more balanced, a much more realistic approach

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Speaker 4: to the situation on the ground.

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Speaker 1: That is Eert ben Abba, the Israeli Ambassador to China.

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Speaker 1: China's consumer inflation rate unexpectedly flatlined in September. Consumer Price

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Speaker 1: Index unchanged last month compared to last year, markets were

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Speaker 1: expecting a slight increase of around two tents one percent. Then,

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Speaker 1: at the wholesale level, Chinese producer prices continued to fall,

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Speaker 1: with PPI falling two and a half percent. That's after

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Speaker 1: a three percent decline in the month of August. Now

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Speaker 1: Here in the US, retail inflation was hot for the

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Speaker 1: month of September, with consumer prices rising at a brisk

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Speaker 1: pace for a second straight month. The so called core

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Speaker 1: reading of that leaves out food and energy prices, it

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Speaker 1: was up three tenths of one percent month on month

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Speaker 1: year on year again of four point one percent. Here

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Speaker 1: is Sarah Malik, the CIO at New Veen Asset Management.

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Speaker 2: I think this just puts back on the table one

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Speaker 2: more rate hike before the end of this year than

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Speaker 2: the Fed pauses, and Yale should start to settle from there.

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Speaker 4: So we're in the late innings of this cycle of

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Speaker 4: rate hikes Evement at this point.

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Speaker 1: That is Sarah Mallick from New Veen. Sam Bankman, Freed's

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Speaker 1: former business partner and former girlfriend was wrapped up today

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Speaker 1: testifying in Bankman Freed's fraud trial. Bloomberg's Tony Aaron says

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Speaker 1: the most exciting part of Caroline Ellison's testimony came at

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Speaker 1: the very end.

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Speaker 3: Both the prosecutors and the defense asked Caroline Ellison about

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Speaker 3: a November twenty twenty two meeting with Alameda employees where

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Speaker 3: she laid out the truth of what was going on.

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Speaker 3: SBFS lawyers got her to admit that she told the

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Speaker 3: employees that she admitted that there was wrongdoing. The prosecutors

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Speaker 3: came back to that right afterwards, and she said the

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Speaker 3: employees received it well, but they liked that she was

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Speaker 3: being open and honest with them.

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Speaker 1: That's Bloomberg's Tony Errands, by the way. In an audio

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Speaker 1: clip of that November meeting played by the defense, Ellison

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Speaker 1: was also heard laughing nervously. Bankmin Free does admit he'd

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Speaker 1: made mistakes, but he denies intentionally defrauding anyone. That is

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Speaker 1: news when you wanted with Bloomberg News. Now I'm Doug

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Speaker 1: prisoner and this is Bloomberg