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

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Speaker 1: Kalengi Oil has sort above ninety dollars a barrel, following

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Speaker 1: a Wall Street Journal report that Kuwait has begun cutting

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Speaker 1: crude output as it runs out of storage. West Texas

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Speaker 1: Intermediate added twelve percent on Friday to settle just below

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Speaker 1: ninety one dollars a barrel, the largest daily jump in

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Speaker 1: almost six years, while Brent closed near ninety three dollars

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Speaker 1: a barrel. Shipping traffic through the Strait of Hormuz remains

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Speaker 1: at a near total halt due to a combination of factors,

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Speaker 1: including security threats posed by the conflict and insurance constraints.

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Speaker 1: The Financial Times reports Guitar's energy minister warned that the

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Speaker 1: Middle East conflict will likely force Persian Gulf countries to

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Speaker 1: halt energy exports in coming days. All this as President

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Speaker 1: Trump demanded Iran's unconditional surrender and ruled out a deal

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Speaker 1: to end the conflict. The White House also pushed back

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Speaker 1: on concerns about energy prices and offered to provide insurance

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Speaker 1: to cargo vessels in the region, as well well as

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Speaker 1: US Navy escorts if necessary. Treasury Secretary Scott Bessen talked

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Speaker 1: with Fox Business about those possible naval escorts.

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Speaker 2: There is the willingness to go through the strait if

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Speaker 2: we also provide a naval escort if needed. We don't

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Speaker 2: know if it's going to be needed. As I walked

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Speaker 2: over here today, the Iranians said the strait is not closed.

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Speaker 2: It would just not The Iranians would not allow ships

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Speaker 2: out that have anything to do with Israeli or US interest.

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Speaker 1: Retired US Army general and former CIA director David Petraeus

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Speaker 1: discussed the Iran situation on Bloomberg Balance of Power and

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Speaker 1: spoke about moving deeper into Iran.

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Speaker 3: As we go further into the interior of Iran, obviously

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Speaker 3: the distances get greater. You're going to have to refuel

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Speaker 3: perhaps a bit moreish before you enter the airspace. Really

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Speaker 3: comes down to whether we have completely taken out the

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Speaker 3: year in polistic Bensis, and I think that we either

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Speaker 3: will have by that time or we will shortly after

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Speaker 3: going into.

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Speaker 1: President Trump says the largest US defense manufacturers have agreed

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Speaker 1: to boost production of some weapons following a meeting at

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Speaker 1: the White House amid worries that the war against Iran

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Speaker 1: is depleting Pentagon stockpiles. The presidents ended a social media

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Speaker 1: post on Friday that they have agreed to quadruple production

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Speaker 1: of the Exquisite class weaponry and that we want to

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Speaker 1: reach as rapidly as possible the highest levels of quantity.

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Speaker 1: Exquisite class likely refers to sophisticated, hard to produce missiles

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Speaker 1: capable of destroying the most complex targets. Such weapons include

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Speaker 1: the RTX standard missile six and Tomahawk weapons at Lockheed

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Speaker 1: Martin's latest model patriot missile called the MS. According to

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Speaker 1: several European officials, Saudi Arabia has stepped up direct engagement

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Speaker 1: with Iran to try and contain a war in the

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Speaker 1: Middle East that is causing havoc and stressing global markets.

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Speaker 1: In recent days, Saudi officials have deployed their diplomatic backchannel

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Speaker 1: to Iran with greater urgency to de escalate tentions and

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Speaker 1: prevent the conflict from worsening. Several European and Middle Eastern

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Speaker 1: nations are backing these efforts. A US Customs and Border

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Speaker 1: Protection official told a federal judge Friday that the agency

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Speaker 1: cannot comply with a court order to stop processing import

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Speaker 1: duties that include President Trump's emergency levies that were struck

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Speaker 1: down by the Supreme Court. According to an Affidavid filed

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Speaker 1: with a judge by Brandon Lord, a CPB executive director,

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Speaker 1: CPB is instead making all possible efforts to create an

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Speaker 1: automated refund system that will be simpler and more efficient

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Speaker 1: than the current process and may be ready for use

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Speaker 1: in as soon as forty five days. Judge Richard Eaton,

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Speaker 1: who sits on the Federal Trade Court in New York

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Speaker 1: and is overseeing thousands of lawsuits seeking refunds for the tariffs,

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Speaker 1: subsequently suspended the part of his order calling for immediate compliance.

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Speaker 1: Another downweek for the US equity market amid a Friday's

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Speaker 1: slump on jobs and a surgeon crude oil. We get

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Speaker 1: that story from Bloomberg's Charlie Pellett.

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Speaker 4: For the week, the S and P five hundred index

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Speaker 4: was down two percent. A week jobs report and a

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Speaker 4: widening war in the Middle East lifted oil prices, fueling

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Speaker 4: inflation jitters, causing stocks to decline. The S and P

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Speaker 4: five hundred had its worst week since October, with financial

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Speaker 4: shares and chip makers sinking and US oil topping ninety

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Speaker 4: dollars a barrel with its biggest ever weekly gain. The

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Speaker 4: Bloomberg Spot Commodity Index rose three point seven percent to

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Speaker 4: a record. The Noall this week dropped three percent. Nastaklus

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Speaker 4: week down one point two percent. In New York, Charlie

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Speaker 4: Pellet Bloomberg.

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Speaker 1: Radio following the US Monetary Policy Forum, Federal Reserve Bank

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Speaker 1: of Cleveland President Beth Hammick joined Bloomberg News to discuss

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Speaker 1: the current situation amid rising geopolitical tensions. She talked about

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Speaker 1: the disappointing jobs report.

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Speaker 5: Certainly this number was a disappointment, mostly because it means

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Speaker 5: that there are more Americans who aren't working. That's what

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Speaker 5: disappointed me in this report. We've seen the economy overall

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Speaker 5: has been pretty healthy. It's been brightening. The outlook has

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Speaker 5: been positive. When I'm out in the district talking with businesses,

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Speaker 5: I hear them talking about their optimism and that they're

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Speaker 5: looking to make more investments in their businesses and they

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Speaker 5: think demand is going to be reasonably robust.

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Speaker 1: She also touched on inflation on the other.

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Speaker 5: Side of our mandate, Inflation has been above our target

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Speaker 5: for five years. We've made virtually no progress over the

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Speaker 5: past two years. We're still right around three percent on inflation,

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Speaker 5: and so we need to make sure that we're maintaining

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Speaker 5: a balance of policy that's going to help bring inflation

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Speaker 5: back down to target while still supporting the labor market.

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Speaker 5: So when I look at things broadly, to me, it

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Speaker 5: seems like there are two sided risks to raise.

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Speaker 1: Federal Reserve Bank of Cleveland President Beth Hammick. Novo Nordisk

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Speaker 1: plans to sell its weight loss drugs on Hymns and

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Speaker 1: Hers platform nding a highly public feud between the two

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Speaker 1: companies that spiraled into a legal battle last month. Two

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Speaker 1: companies had a similar agreement last year, but Novo abruptly

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Speaker 1: scrapped it after Hymns refused to stop marketing and selling

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Speaker 1: copycat medications. The partnership is a surprising move for Novo,

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Speaker 1: which sued Hymns in February for launching a copycat version

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Speaker 1: of its new Wagovi weight loss pill. At the time,

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Speaker 1: John Cuckleman, General Council at Novo, said Hymn's announcement was egregious.

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Speaker 1: The Friday numbers on Wall Street the Dow lost four

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Speaker 1: fifty three, Nastak fell three point sixty one, the S

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Speaker 1: and P dropped ninety, the ten year treasurer yield at

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

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Speaker 1: three point five five percent. That's news when you want

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Speaker 1: it with Bloomberg News now I made Kleggy. This is

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Speaker 1: Bloomberg