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

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Speaker 1: Doug Prisner. The FED left its key interest rate unchanged

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Speaker 1: today and policymakers still expect just one rate cut this year.

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Speaker 1: The FED also acknowledged increased uncertainty due to war in

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Speaker 1: the Middle East. Here is Fedshair J. Powell on the

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Speaker 1: outlook for inflation.

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Speaker 2: We don't know how big these effects are going to be,

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Speaker 2: and I don't want to characterize them in any way.

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Speaker 2: Of course, people are already seeing gas prices. Gas prices

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Speaker 2: are up almost a dollar a gallon. We hope that

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Speaker 2: isn't for a long period of time, and of course

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Speaker 2: people will feel that, but I don't want to speculate

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Speaker 2: about what that might mean, because honestly, that would sound

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Speaker 2: like I have some idea of what's actually going to happen,

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Speaker 2: and I don't think anybody really does. We're going to

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Speaker 2: see how this works out, and I just would leave

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Speaker 2: it then now.

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Speaker 1: Powell also said he has no plans to leave the

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Speaker 1: FED until the DOJ investigation of him and renovations of

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Speaker 1: the fed's headquarters is complete. Powell also said if a

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Speaker 1: successor is not confirmed before his term as chair ends

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Speaker 1: in May, he would serve as chair pro temore. We

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Speaker 1: got reaction from Torston Slock, chief economists at Apollo.

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Speaker 3: Well, now that you shouten have this issue that the

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Speaker 3: existing FIT chair either he may stay on the committee,

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Speaker 3: which is also a huge issue, or we may not

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Speaker 3: have Kevin Walsh in the seat. That will raise all

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Speaker 3: these other legal issues around will is this something that

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Speaker 3: you can do on not to and that of course

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Speaker 3: begins to just raise a lot more certainly about FIT

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Speaker 3: independence and what is the institution making of decisions?

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Speaker 1: Torston Slock from Apollo Global. The Israeli Air Force has

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Speaker 1: struck targets in northern Iran for the first time since

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Speaker 1: the war began, acting on intelligence from the Navy and

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Speaker 1: the IDF. Meantime, Abu Dhabi says LNG operations have been

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Speaker 1: halted after the interception of Iranian missiles targeting the Hobshon

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Speaker 1: gas facilities, and at the same time, Cutter has reported

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Speaker 1: extensive damage at the complex housing the world's largest LNG

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Speaker 1: export plant. Authorities say Roslafan industrial city was hit by

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Speaker 1: an Irani missile, and this strike came just hours after

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Speaker 1: Iran threatened energy facilities across the Gulf. That threat was

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Speaker 1: issued after the US and Israel struck the South Pars

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Speaker 1: lng Field. Now South Pars is jointly owned by Iran

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Speaker 1: and Cutter. Cutter called the strike a dangerous and irresponsible step,

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Speaker 1: and later Cutter expelled Iran's military and security attaches from

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Speaker 1: the country. Meantime, President Trump reacted to the escalation tonight

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Speaker 1: in a post on truth Social Trump said Israel attacked

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Speaker 1: the South Pars lng Field out of anger for what

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Speaker 1: has taken place in the Middle East. Trump also said

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Speaker 1: Israel will not attack the facility again, and the president

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Speaker 1: went on to say the US knew nothing about the attack.

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Speaker 1: Trump also warned Iran if it attacked Cutter Llng again,

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Speaker 1: the US would retaliate. Crude oil prices moved higher in

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Speaker 1: New York trading Brent KRUD, the global benchmark picked up

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Speaker 1: three point eight percent to one hundred seven dollars thirty

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Speaker 1: eight cents. Interestingly, Texas Intermediate traded at a discount of

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Speaker 1: eleven dollars to Brent, with WTI finishing up just a

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Speaker 1: tenth of one percent in ninety six thirty two. Now,

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Speaker 1: some traders speculated on whether the US was intervening in

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Speaker 1: the oil futures market, and then during the electronic session,

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Speaker 1: news out of Cutter sent WTI up by more than

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Speaker 1: four percent to above one hundred dollars. The US has

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Speaker 1: taken steps to curb turmoil in the energy market. Today,

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Speaker 1: President Trump temporarily waived a shipping mandate to lower the

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Speaker 1: cost of transporting energy goods around the US. On Capitol Hill,

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Speaker 1: GOP Senator Mark Wayne Mullen faced tough questions at his

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Speaker 1: confirmation hearing to lead the Department of Homeland Security. Senator

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Speaker 1: Ran Paul opened the hearing by saying Mullen does not

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Speaker 1: have the temperament to run the DHS. Paul also scolded

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Speaker 1: Mullen for publicly applauding an assault on Paul's neighbor a

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Speaker 1: couple of years ago that put him in the hospital.

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Speaker 1: Here's an exchange between Mullen and Paul.

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Speaker 4: I donned the word apologize. I heard the word regret.

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Speaker 4: Haven't heard I misspoke, and it was heated and I

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Speaker 4: made a mistake. Actually any of those words, sir.

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Speaker 5: I actually it wasn't heated, and I'm not apologizing for point,

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Speaker 5: not your cood or good.

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Speaker 4: So you're jolly well fine, and you want the American

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Speaker 4: public and the people up here to vote that may

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Speaker 4: or may not vote for you, to know that you

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Speaker 4: supported the felonious, violent attack on me from behind.

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Speaker 5: I did not say I supported it.

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Speaker 1: I said understood it. Mullin's views on immigration and disaster

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Speaker 1: relief were also under scrutiny today, and at the same time,

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Speaker 1: Tulsea Gabbard, the Director of National Intelligence, answered questions from

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Speaker 1: the Senate Intelligence Committee. Gaberd declined to say whether she

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Speaker 1: thought Iran represented an imminent nuclear threat to the US.

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Speaker 1: In this exchange with Maine Senator Angus King, Gaberd was

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Speaker 1: asked whether the US knew Iran would retaliate by blocking

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Speaker 1: the Strait of Hormuz.

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Speaker 6: This has long been an assessment of the IC that

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Speaker 6: Iran would likely hold the Strait of Horror Mooz as leverage.

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Speaker 2: My question is was that communicated to the President in

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Speaker 2: the lad And it's.

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Speaker 6: Because of that long standing assessment that the IC has

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Speaker 6: continued to report that the Department of War took the

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Speaker 6: preemptive planning measures that it did now.

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Speaker 1: Gabbert's testimony comes a day after one of our top advisors,

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Speaker 1: counter terrorism official Joe Kent, publicly resigned in protest over

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Speaker 1: the war. In Business News, Micron Technology says it will

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Speaker 1: need to spend heavily on production to meet demand for

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Speaker 1: memory chips, and these remarks overshadowed a generally upbeat forecast.

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Speaker 1: We've got reaction from Matt Bryson, Managing director for Equity

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Speaker 1: Research at Webbush Securities.

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Speaker 5: I think we still have some room to go. Memory

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Speaker 5: is very much a supply driven business, so it's not

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Speaker 5: how much demand there's out there, it's can the vendors

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Speaker 5: bring on enough supply to meet that demand. And because

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Speaker 5: you have these long lead times for fabs, we don't

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Speaker 5: really begin to see new supply coming on until next year,

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Speaker 5: and it may even be twenty eight before Samsung, Mike

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Speaker 5: Ron Heins can catch up with all the demand from AI.

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Speaker 1: That is Matt Bryson from Webbush Securities. HSBC Holdings is

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Speaker 1: weighing a wave of deep job cuts over the coming years.

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Speaker 1: We are told the bank is betting on AI to

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Speaker 1: shrink its middle and back office. These changes could ultimately

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Speaker 1: impact we are told, around twenty thousand jobs. That would

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Speaker 1: be about ten percent of HSBC's total workforce. And that

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Speaker 1: is news when you want it. With Bloomberg News. Now

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Speaker 1: I'm Doug prisoner, and this is Bloomberg