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The US struck Iranian military targets for the second time this week, shooting down four Iranian drones fired at a commercial ship and hitting a launch unit near the Strait of Hormuz, according to a US official. Tyler Kendall reports on Bloomberg Television.

"Nobody's going to control it," President Donald Trump says when asked about the future of the Strait of Hormuz during a Cabinet meeting at the White House. Trump also says the US won't consider any sanctions relief for Iran until a deal is signed.

President Donald Trump says Iran is negotiating on fumes, their economic system has broken down, and they want to make a deal. He speaks in the White House during a meeting with Cabinet officials.

An unofficial draft of a peace deal says the Strait of Hormuz would return to normal within a month, according to Iranian state television. It also says the the US naval blockade would end. Oil prices fell on the news. It's unclear what the US has agreed to. Bloomberg's Tyler Kendall reports.

US and Iranian forces clashed near the Strait of Hormuz overnight, hours after US President Donald Trump reiterated that negotiations with Tehran to extend their ceasefire and reopen the strait were proceeding, and just before a published statement from Iran's Supreme Leader Mojtaba Khamenei. Tyler Kendall reports on Bloomberg Television.

President Donald Trump says Democratic policies on crime and taxes were leading to an exodus of businesses and taxpayers from the nation's financial capital.

President Donald Trump says no one in the US is better prepared to lead the Federal Reserve than Kevin Warsh as he swears Warsh in at the White House as the 17th chair of the Fed.

Kevin Warsh says he'll lead a "reform-oriented" Federal Reserve and goals will be pursued with "independence and resolve." In the months leading up to his nomination, Warsh said the Fed was not lowering rates enough. He speaks during the ceremony at the White House.

Federal Reserve Governor Christopher Waller now says he can't rule out voting to raise interest rates if inflation doesn't start to slow soon, saying "inflation is not headed in the right direction." Waller made the comments during a speech in Germany. Bloomberg's Michael McKee reports.

The US State Department's point man for APEC says the group of 21 countries is an important customer for American goods and services - including energy. Bloomberg's Chief North Asia Correspondent Stephen Engle spoke with Casey Mace, the US senior official to APEC, on the sidelines of the APEC trade ministers meeting in China.