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Speaker 1: News when you want to it with Bloomberg News Now,

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Speaker 1: I'm Doug Prisner, Republican Steve's Kalise is facing a fight

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Speaker 1: to become House Speaker that could drag on for days

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Speaker 1: or even weeks, and that would in turn delay a

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Speaker 1: US response to fiscal deadlines and have an impact on

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Speaker 1: the war in the Mideast. On Wednesday's, Calise claimed the

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Speaker 1: GOP nomination for speaker by the narrowest of majorities. It's

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Speaker 1: not yet clear when a floor vote will be held.

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Speaker 1: Secretary of State Anthony Blincoln is in Israel to demonstrate

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Speaker 1: US support for Israel, and at the same time, there

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Speaker 1: is now mounting evidence that the Israeli government is preparing

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Speaker 1: for a major ground assault into Gaza. Earlier today we

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Speaker 1: heard from former US Treasury Secretary Larry Summers. He was

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Speaker 1: saying the economic impact of the war may not be

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Speaker 1: large if the fighting does not spread here is Summers

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Speaker 1: speaking earlier to Bloomberg.

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Speaker 2: There may be some positive impact on the price of oil,

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Speaker 2: there may be some tendency to move to stay havens

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Speaker 2: like US bonds, but I think the effects will not

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Speaker 2: be large as long as this conflict stays contained.

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Speaker 1: That is, former Treasury Secretary Larry Summers. Now the current

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Speaker 1: Treasury Secretary Janet Yellen, was saying the Biden administration has

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Speaker 1: not ruled out new sanctions against Iran in retaliation to

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Speaker 1: the renewed conflict in the Mid East, but she said

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Speaker 1: no decisions have been made. Yellen was speaking to reporters

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Speaker 1: at the annual meeting for the IMF and the World Bank.

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Speaker 3: E you have not in any way relaxed are sanctions

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Speaker 3: on Irenian oil, and we are we have sanctions on

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Speaker 3: Amus on his balla. This is something we have been

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Speaker 3: constantly looking at and using information that comes available to

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Speaker 3: titan sanctions. We will continue you to do that.

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Speaker 1: That's Treasury Secretary Janet Yellen. Minutes from the last FED

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Speaker 1: meeting shows some agreement on keeping policy restrictive for some time.

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Speaker 1: Officials also saying the risk in achieving the committee's goals

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Speaker 1: have become more two sided, more balanced, and there was

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Speaker 1: a flurry of FED speak. Taking together the comments suggest

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Speaker 1: the Fed is sensing we are either at or near

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Speaker 1: peak interest rates. Policymakers will be cautious about tightening further,

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Speaker 1: and that will make tomorrow's report on consumer prices critical.

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Speaker 1: Bloomberg's Michael McKee As a preview.

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Speaker 4: Wednesday's unexpected rise in the September Producer Price Index hasn't

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Speaker 4: changed forecasts for consumer prices. Analysts still see the index

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Speaker 4: up at only half the pace of August, as gasoline

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Speaker 4: prices remained relatively steady during the month, even as oil

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Speaker 4: prices rose, and while goods prices rose faster than services.

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Speaker 4: In the PPI, investors and FED officials will focus on

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Speaker 4: CPI services. Services minus housing costs have contributed much of

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Speaker 4: the inflation pressure over the past year, and the expectation

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Speaker 4: is that should continue to ease over the past two weeks.

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Speaker 4: A number of policymakers have suggested they're inclined not to

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Speaker 4: raise rates November first, and expected CPI could ratify that

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Speaker 4: while at upside surprise may push market rates up, in expectation,

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Speaker 4: those FED officials will change their.

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Speaker 1: Minds, that is Bloomberg's Michael McKee. Fort Motors pickup truck

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Speaker 1: factory is the latest strike target for the United Auto Workers. Today.

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Speaker 1: In a social media post, the union announced a walkout

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Speaker 1: by eighty seven hundred workers at Fort's Kentucky truck plant.

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Speaker 1: It's one of the largest vehicle factories in the world.

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Speaker 1: It generates twenty five billion dollars a year in revenue.

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Speaker 1: Ford called the union's decision grossly irresponsible. The largest banks

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Speaker 1: in the US are now grappling with growth and bad loans.

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Speaker 1: The story from Bloomberg's Tracy Junk.

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Speaker 5: Rising interest rates in the popularity of buy now, pay

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Speaker 5: later services are leaving more US borrowers in a bind.

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Speaker 5: So the big banks reporting third quarter earnings of the

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Speaker 5: next few days are expected to report the most charge

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Speaker 5: offs for bad loans since the early days of the

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Speaker 5: COVID nineteen pandemic. Data compiled by Bloomberg indicate we're talking

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Speaker 5: about a combined five point three billion dollars worth at

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Speaker 5: four banks, JP, Morgan, Chase, Citygroup, Wells Fargo, and Bank

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Speaker 5: of America.

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Speaker 1: That's Bloomberg's Tracy Junk, and that is news when you

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Speaker 1: want it with Bloomberg News Now. I'm Doug Chrisner, and

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Speaker 1: this is Bloomberg