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

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Speaker 1: made Kleggi. Most of President Trump's global tariffs were ruled

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Speaker 1: illegal by a federal appeals court that found he exceeded

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Speaker 1: his authority in imposing them, but the judges let the

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Speaker 1: levees stay in place while sending the case back to

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Speaker 1: a lower court for further proceedings. The US Court of

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Speaker 1: Appeals for the Federal Circle on Friday upheld an earlier

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Speaker 1: ruling by the Court of International Trade that Trump wrongfully

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Speaker 1: invoked an emergency law to issue the tariffs, but the

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Speaker 1: appellate judges sent the case back to the lower court

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Speaker 1: to determine if it applied to everyone affected by tariffs

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Speaker 1: or just the parties involved in the case. Friday's ruling

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Speaker 1: extends the suspense over whether Trump's tariffs will ultimately stand.

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Speaker 1: The case had been expected to next go to the

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Speaker 1: Supreme Court for a final decision. Earlier, Treasury Secretary Scott

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Speaker 1: Besson warned of dangerous diplomatic embarrassments if the tariffs were

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Speaker 1: ruled illegal, and after the ruling, President Trump posted on

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Speaker 1: truth social saying it would be a total disaster if

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Speaker 1: the tariffs went away. Spirit aviation Holdings filed for bankruptcy

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Speaker 1: the second time in less than one year, after its

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Speaker 1: cash strapped airline failed to turn around its business. The

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Speaker 1: parents of Spirit Airlines filed petitions for Chapter eleven and

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Speaker 1: US Bankruptcy Court for the Southern District of New York.

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Speaker 1: The filing comes amid active negotiations with some of its

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Speaker 1: largest lessers, secured note holders, and key stakeholders. Shares of

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Speaker 1: Spirit fell fifty one percent in post market trading Friday

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Speaker 1: to sixty cents as of four to twenty pm in

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Speaker 1: New York. Questions about whether President Trump had caused to

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Speaker 1: try to push out Federal Reserve Governor Lisa Cook dominated

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Speaker 1: the court hearing Friday as a judge weighs whether he

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Speaker 1: had proper reasons to order her removal from the US

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Speaker 1: Central Bank. US District Judge Giacobb pepperd lawyers for Cook

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Speaker 1: and the administration for about two hours Friday before ending

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Speaker 1: the hearing without ruling on the FED Governor's request for

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Speaker 1: a temporary order blocking Trump's effort to oust her. The

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Speaker 1: judge didn't indicate which way she is leaning in a

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Speaker 1: landmark lawsuit that could determine the future of the Fed's independence.

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Speaker 1: Federal Reserve Bank of San Francisco President Mary Dale suggested

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Speaker 1: policymakers will be ready to lower interest rates soon, adding

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Speaker 1: that inflation stemming from tariffs will likely prove temporary. Daily

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Speaker 1: road Froddy, in a brief social media post shared by

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Speaker 1: the San Francisco FED, that it will soon be time

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Speaker 1: to recalibrate policy to better match our economy. She said

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Speaker 1: tariff related price increases will be a one off. Consumer

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Speaker 1: sentiment has taken a downturn on the University of Michigan's index.

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Speaker 1: Bloomberg's Michael McKee has the details.

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Speaker 2: Sentiment drops to fifty eight to two from fifty eight

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Speaker 2: to six in the preliminary number. Current conditions sixty one

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Speaker 2: seven from sixty point nine, a little bit better expectations

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Speaker 2: fifty five to nine from fifty seven to two. That's

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Speaker 2: where we see potential problem developing for perhaps the economy

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Speaker 2: as consumers start to consider what's going to happen down

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Speaker 2: the road.

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Speaker 1: And Bloomberg's Mike McKee says the latest read on the

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Speaker 1: Fed's preferred inflation gage showed price pressures are still elevated.

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Speaker 1: Wall Street moves into the trading month of September after

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Speaker 1: and up August. We get that story from Bloomberg's Charlie Pellett.

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Speaker 3: The S and P five hundred index saw its fourth

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Speaker 3: month of gains in August. For the week, the S

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Speaker 3: and P five hundred index fell one tenth of one percent.

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Speaker 3: Friday's slide came despite inflation data that did little to

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Speaker 3: alter bets on fed raycuts. But as we move into September,

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Speaker 3: the market's bracing for what is known as the weakest

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Speaker 3: month for US shares. For the week, both the Dow

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Speaker 3: and NASDAK dropped two tenths of one percent in New

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Speaker 3: York Charlie Pellett Bloomberg Radio.

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Speaker 1: Iowa Republican US Senator Joni Ernst is expected to announce

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Speaker 1: in the coming days she won't seek re election. This

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Speaker 1: according to people familiar with her, plans, opening up a

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Speaker 1: Senate seat that could determine which party controls the majority.

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Speaker 1: According to two US officials, President Trump's administration plans to

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Speaker 1: search officers to Chicago for an immigration crackdown, in its

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Speaker 1: latest move to expand the federal law enforcement pressure major

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Speaker 1: Democratic run cities. The operation in the country's third largest

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Speaker 1: city is expected to last about thirty days and could

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Speaker 1: start as early as September. The Trump administration is proposing

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Speaker 1: strict new limits on visas for Chinese journalists in the

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Speaker 1: US to just ninety days, citing fraud and abuse. Journalists

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Speaker 1: from other countries would face a two hundred and forty

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Speaker 1: day limit. The move has already prompted pushback from Beijing.

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Speaker 1: Uber and lived to have both agreed to back a

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Speaker 1: state supervised way for their drivers in California to unionize

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Speaker 1: and collectively bargain for industry wide pay and benefits. And

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Speaker 1: they say breaking up is hard to do, but not

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Speaker 1: so with the food giant Craft Hinds. The Wall Street

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Speaker 1: Journal says that ten years after the two companies merged,

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Speaker 1: the conglomerate is finalizing plans to split up, spinning off

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Speaker 1: a large chunk of its grocery bisiness, which includes Craft

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Speaker 1: mec and cheese and other craft products, into a new entity.

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Speaker 1: The Friday numbers on Wall Street the Dow was down

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Speaker 1: ninety two, Nasdaq felt two forty nine. That's over one percent.

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Speaker 1: The S and P lost forty one. The ten year

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Speaker 1: treasury yield at four point two three percent, the two

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Speaker 1: year at three point six two percent. That's news when

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Speaker 1: you want it. With Bloomberg News. Now I mad a legging.

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Speaker 1: This is Bloomberg