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

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Speaker 1: met Klengi. President Trump said the US bombed military targets

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Speaker 1: on a critical Iranian outpost in the Persian Gulf and

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Speaker 1: threatened additional strikes targeting oil infrastructure if Tehran continued to

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Speaker 1: block energy flows. In the latest escalation of the two

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Speaker 1: week conflict that has upended the region, Trump's and American

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Speaker 1: forces executed one of the most powerful bombing raids in

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Speaker 1: the history of the Middle East, including destroying military targets

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Speaker 1: on karg Island. Trump riding in a social media post,

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Speaker 1: added that for reasons of decency, I have chosen not

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Speaker 1: to wipe out the oil infrastructure on the island, though

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Speaker 1: he warned Iran's leaders that he would immediately reconsider that

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Speaker 1: decision if they interfered with ships transmitting the Strait of Hormuz.

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Speaker 1: The Wall Street Journal reports five US Air Force refueling

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Speaker 1: planes were struck and damaged on the ground at Prince

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Speaker 1: Sultan Air Base in Saudi Arabia. This according to two

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Speaker 1: US officials, The tankers were hit during an Iranian missile

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Speaker 1: strike on the Saudi base in recent days. The US

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Speaker 1: Central Command declined to comment. The tankers were damaged but

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Speaker 1: not fully destroyed, and are being repaired. No one was

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Speaker 1: killed in the strikes. The news brings the total number

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Speaker 1: of Air Force refueling planes damaged or destroyed to at

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Speaker 1: least seven. The US said it further stepped up strikes

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Speaker 1: and iaranas both sides, and the war threatened to escalate,

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Speaker 1: a conflict hitting its two week mark that has upended

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Speaker 1: energy flows and financial markets. US Defense Secretary Pete Hegseth

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Speaker 1: says the fourteenth day of the war marked the largest

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Speaker 1: attacks yet in the Islamic Republic, with the US and

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Speaker 1: Israel hitting around fifteen thousand targets since the war began.

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Speaker 1: Henkseith spoke frouding about the situation in the Strait of Hormoz.

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Speaker 2: We understood the ability to interdict shipping is something Iran

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Speaker 2: has done for forty years. It's key terrain. They've used

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Speaker 2: it as leverage. The world is seeing what they'll do

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Speaker 2: to fight back in that context, and so we've heard

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Speaker 2: them talk about taking various measures, and we're planning for

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Speaker 2: all of them.

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Speaker 1: Interior Secretary Doug Bergham spoke Fronday afternoon with Bloomberg Balance

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Speaker 1: of Power about US energy production.

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Speaker 3: Certainly when there's a price indication. That's happening right now.

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Speaker 3: This is an opportunity. Shale producers have the ability to

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Speaker 3: increase their production. Some of them have drilled but uncompleted wells.

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Speaker 3: They just have to turn those on. And of course

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Speaker 3: we're seeing our partners. I just got back from Venezuela

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Speaker 3: last week, where you've got companies like Chevron. They're indicating

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Speaker 3: that they can accelerate their development in places like that,

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Speaker 3: And of course the administration taking steps in places like

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Speaker 3: California where we've got you know, offshore in California.

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Speaker 1: Interior Secretary Doug Bergham Jenneine Piro, who leads the US

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Speaker 1: Attorney's Office for the District of Columbia, about to continue

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Speaker 1: her investigation of FED Chair Jerome Powell after judge rejected

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Speaker 1: subpoenas issued to the Central Bank threatening to delay the

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Speaker 1: confirmation of Kevin Warsh's Powell successor. US District Judge James

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Speaker 1: Bossberg said the government had advanced no evidence to justify

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Speaker 1: the subpoenas leating to renovations to the fed's headquarters and

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Speaker 1: Powell's comments about the project, and said they clearly reflected

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Speaker 1: an improper motive of retaliating against Powell over policy differences.

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Speaker 1: Piro disagrees.

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Speaker 4: By inserting himself and preventing the grand jury from even obtaining,

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Speaker 4: let alone hearing evidence, he has neutered the grand jury's

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Speaker 4: ability to investigate crime.

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Speaker 1: She continued.

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Speaker 4: As a result, Jerome Powell today is now bathed in immunity,

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Speaker 4: preventing my office from investigating the Federal Reserve. This is wrong,

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Speaker 4: and it is without legal authority.

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Speaker 1: Nobel laureate and economist Paul Krugman tells Bloomberg Piro's investigation

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Speaker 1: is based in harassment.

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Speaker 5: It's overwhelmingly obvious that this is all about harassing Powell,

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Speaker 5: harassing the FED, saying got to cut rates. Powell is

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Speaker 5: fought back, the Fed is defying in This is actually

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Speaker 5: looking like a big flop for the administration. I think

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Speaker 5: there's essentially zero people who believe this was This was

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Speaker 5: actually about suspicion of criminal wrongdoing.

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Speaker 1: No Bell laureate and economist Paul Krugman. Wall Street wraps

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Speaker 1: up another volatile week with losses that story from Bloomberg's

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Speaker 1: Charlie Pellett.

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Speaker 6: The S and P five hundred index had its third

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Speaker 6: down week in a row, the fifth losing week in

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Speaker 6: the last six. For the week, the S and P

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Speaker 6: five hundred index dropped one point six percent. NASDAK was

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Speaker 6: also down for a third week, down one point three percent.

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Speaker 6: The Dow on the week down by two percent. Bloomberg's

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Speaker 6: gauge for the mag seven closed one point six percent lower,

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Speaker 6: putting the group of megacap names including Nvidia and Tesla

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Speaker 6: into correction or ten percent below it's October record in

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Speaker 6: New York. Charlie Pellett Bloomberg Radio.

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Speaker 1: US consumer spending barely rose in January after economic growth

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Speaker 1: was weaker than previously reported at the end of last year,

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Speaker 1: suggesting the economy lost some momentum before the war with Iran.

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Speaker 1: Inflation adjusted consumer spending increased zero point one percent from December,

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Speaker 1: according to data out Friday, and a gage of underlying

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Speaker 1: inflation favored by the Federal Reserve rose a firm point

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Speaker 1: four percent. The government also had its initial estimate of

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Speaker 1: growth in the fourth quarter, when a record long government

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Speaker 1: shut down, a slow down in consumption, and that decline

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Speaker 1: in exports weighed on the economy. After two rounds of

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Speaker 1: the Players Championship, Ludwig Auburg nine hundred four of the

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Speaker 1: day twelve hundred for the tournament heads into Saturday's third

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Speaker 1: round with a two shot lead. World Baseball Classic quarterfinal action,

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Speaker 1: the US defeated Canada five to three, and the Dominican

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Speaker 1: Republic shutout Korea ten nothing. The Friday numbers on Wall

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Speaker 1: Street the Down lost one to nineteen, Nastackfel two to six.

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Speaker 1: The S and P dropped forty. The ten year treasury

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Speaker 1: yield at four point two eight percent, the two year

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Speaker 1: at three point seven two percent. That's news when you

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Speaker 1: want it with Bloomberg News Now I made Kaleggy. This

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Speaker 1: is Bloomberg