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stuart: is that the right concept? let's get on with it. it is 10:00 eastern time. take a look at your money. this is the market just as jay powell is about to start testimony before the senate banking committee. when he opens his mouth and starts to speak, the computers will read every word of what he is saying, interpret it and move the market, as for the 10 year treasury, we've got the yield coming in at 397 so it is moving up. that's interesting. right before powers speaks the 10 year treasury yield gets close to 4%. investors won't like that. the price of oil close to $80 a barrel, same story again, 7984. bitcoin at 22,000, that's a look at the markets prior to powell's testimony, now this. headline in the new york times,

us is said to consider reinstating detention of migrant families. with 2024 looming the president is trying to clean up the mess he made when he first took office, detaining families was trump's policy, biden reversed it and the floodgates opened, now he may reverse the reversal because 200,000 illegals a month has brought on a human political disaster, considering a positive change like this shows the president's desperate, he wants to run again but knows the open borders an obstacle. the same with crime. the president is trying to reserves is soft on crime image. when biden killed the dc prime bill he was sending a message, we can't win in 24 if we are pro-criminal. it is no accident that right before he killed the dc bill, lori lightfoot was soundly defeated in chicago, she had presided over a crime surge.

biden running a mile, the defeat -- the deep on the police movement, the surge of illegals and rampant crime show no signs of slowing down no matter how the president twists and turns and it is too late to reverse the afghan debacle or covid mess or ending america's energy independence, what's done is done. we have to live with the consequences no matter how the president tries to rewrite his policies. second hour of varney just getting warmed up. something different. senator bernie sanders struggled to explain the difference between equity and equality. role tape. >> how would you differentiate between equity and equality? >> equality, we talk about -- i don't know what the answer to

that is. equality is equality of opportunity. >> equity is more guarantee of outcome, is it not? >> i think so. >> which side do you come down on? >> equality. stuart: rob smith joins us, he didn't know the answer. >> it is like an snl skit, he didn't know the answer, equity is not a word. this is a made up word bible up to push their agenda. a new agenda, stop woke going after this equity stuff in corporate america and i do consulting and training particularly this deer i thing, we are seeing a lot of people know what equality means, something we can all hope for but don't know what equity means because it's a made up word that means nothing but people pushing these agendas wanted to be, bernie sanders

who should be the biggest proponent of whatever equity is can't even define it. stuart: bill maher said that is equal outcomes and that is what it is, isn't it? >> it is supposed to be, the problem is you can't guarantee equal outcomes and that's where they get in trouble with the equity language. let's rain it back a little bit, talk about equality and we will be better off with that. stuart: look at this headline from the wall street journal. james freeman writes, quote, biden's disgraceful rhetoric still comparing 2023 republicans to 1965 democrats, this was about biden's voting rights be in alabama. >> when you are president biden and have nothing to show the american people but higher gas prices, higher groceries, rapid inflation, a border that is out

of control, yet you always have to make sure people are looking toward the background particularly african-americans that they need to keep voting for this stuff so that is why he continues to harp on this stuff, he cannot show americans what he is doing to make their lives better because a lot of people's lives are worse under this administration's policies. stuart: you tell corporations how to move away from this woke stuff. >> when i talk to people now i think there's nothing wrong with equality, nothing wrong with diversity and all these things but they want diversity without the drama. what has happened is a lot of this far left activism has sort of come into the corporate culture, the deer stuff is a one. 5 to billion dollar business, it's not going anywhere but needs to be reined in so they are talking about things that matter and not whatever far left agendas they want to infiltrate these corporations

with. stuart: you are all right, thanks for joining us. a new report from the bbc, they claim twitter employees are worried the platform can't protect users from trolls under elon musk's leadership. did must have a response to that? lauren: they have a disinformation reporter and sent her to twitter headquarters in san francisco, because she was personally experiencing more hate on twitter since musk took it over and wanted to find out why and concluded twitter can't protect you from trolls anymore. years musk's response. sorry for turning twitter from a nurturing paradise into a place that has trolls. twitter used to be this place where information was censored to control the population but a lot of criticism has to do with his gutting of the workforce and yesterday another consequence of that, the site

was inaccessible for many users they couldn't log on our open links, twitter says it made an internal change that had some, quote, unintended consequences and fixed it in an hour but three glitches in under a month and some people are getting annoyed. stuart: let's return to america's top banker, jpmorgan chase ceo jamie dimon, talking about doing business in florida. he likes the state. lauren: he says it is a pro-business state, so was texas, loves their optimism about this, let me quote what he told bloomberg, we are growing in florida left and right, small businesses, large companies, very pro-florida, florida likes business, they want you to come, texas is the same way. if i were some other states i would be thinking why do people like going to these states, their taxes, there pro-business, they want better life for their people and he said jpmorgan employs more people in texas then new york,

that shocked me. and in florida there state legislature opens today and you will see a lot of things emerge, protecting businesses from lawsuits. stuart: 60 day session. to the markets, jay powell has begun his testimony on capitol hill. a few moments ago he said of the data suggests we would increase the pace of rate hikes, that's what he said and that is why the dow is close to 200 points. our market watcher of the morning, good luck. very tough to analyze this market in the middle of a fed testimony, but what do you expect to come out of this? >> if you can't dazzle them with brilliance, baffle them with bs. that is what jay powell is going to do. we are going to deal with volatility until we get the data.

of congressional testimony is not a platform of the fed to change or pepper their poverty. it's about political grandstanding from politicians, the fed to reiterate what they said, saying it is data dependent. if job growth is as strong as it was in january and we have strong uppers, employment is superlow, the fed will keep hiking rates which we've been talking about for two months, people need to reset expectations widgets not wanted to more hikes, probably a 50 basis point, if inflation keeps going, 3 or 4, rate cuts are out of the question this year. stuart: that's a very negative outlook but the dow is down 200 points on the basis of what powell has already said. you don't think much about stocks. you are looking at yields. >> we are looking at major market indexes. over 3000 stocks in the world

we can trade in the us. i'm not a big fan of big tech investments because the s&p and the nasdaq have a long way to go to get the bargain-basement levels. you can put money in treasury, be boring, make 5% but then purchase undervalue names in areas of the market, microcap, biotech showing signs of life, focus on strong companies leveraging trends we talk about, cybersecurity, cloud computing, companies that are reporting earnings that are beating on the top and bottom line and raising guidance, there are 105 so far. it all looks bad in the headlines. if it bleeds it leads but there are a lot of strong companies doing well regardless of the economic climate representing opportunities for investors. stuart: i'm sticking with my 5. one% with a tax rate thrown in. >> you are boring.

but that is okay. stuart: the worst insult you can deliver to someone on tv, don't be boring, don't ever be boring, you are right, come back and see us soon. there are some stocks that are moving, not always down, one of them is moving up and that is delta. lauren: there pushing to outperform, $47, they credit the pilot contract ratification and say that will lower their outlook. stuart: it is the feds there boring, not me. then you have quotient technology. lauren: the parents of coupons.com. they were restarted several times today. reportedly exploring a sale because they have seen advertising revenue go way down. stuart: that is a big deal. we have snap still searching, look at that. lauren: up 17% on the potential ban of their rival tiktok.

they also launched a chat bot which is getting nice reviews by users. stuart: snap up again. now this. a former child actor getting into politics. watch this. >> if i win and you guys vote for me, i would say to each and every one of you, hey, thanks. stuart: boy meets world star ben savage running for congress, we will tell you who is trying to replace. president biden wants to increase taxes on billionaires and corporations. georgia congressman buddy carter on the house budget committee. i will ask if there's anything he can do to stop it. 23 protesters charged with domestic terrorism after the attack on city. on city. two of them are from georgia. who is backing this vigilante group? it is a terrorist group. grady trimble is following the money trail next. ♪

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stuart: markets heading south across the board especially down the street is up 200 points because the federal reserve testifying on capitol hill, says if the data warrants it, would increase the pace of rate hikes, very negative for investors, down goes the market, look at the 10 year treasury, 10 year has moved right to the brink of 4%, now show me the two year, that is up to the brink of 5%. very negative for the nasdaq when rates go up that much. rates are up because of what fed chair powell is saying on capitol hill. 23 protesters have been charged with domestic terrorism after

sunday's attack on atlanta's cop city. only two were from georgia. who is providing financial support for this group? >> the atlanta solidarity fund is soliciting donations to help post bail for this group. it refers to them as protesters. police are calling them violent agitators. in total, almost 2 dozen agitators were arrested and charged with the mystic terrorism for their role in this fire attack on the planned law enforcement training facility, police haven't made the connection to antifa but william bar is blaming that far left group. >> first few days in office i met with christopher ray and urged him to get the fda on top of the antifa problem and i thought we were making progress but i'm disappointed this kind of thing can happen without the government being aware of it.

>> reporter: more on that solidarity fund, it tweeted we are already coordinating a network of lawyers to respond, please donate to help us continue this work, solidarity means nobody faces repression alone. we have a lot of questions why the vast majority of those arrested are from out-of-state, as far away as connecticut, wisconsin, utah, colorado, two even from canada and france. of those arrested only two people were from georgia. one of them on an attorney for the southern poverty law center which tells us the employee is an experienced legal observer and the arrest is not evidence of any crime but of heavy-handed law enforcement intervention against protesters. speaking of law enforcement we asked the atlanta police how these people got here from so many states, whether an outside group is funding them, but they declined to answer. stuart: thank you very much.

joining us in new york is buddy carter, republican from the state of georgia. only two of those arrested, 23, only two are from georgia. what does that tell you about this group? >> obviously this is a calculated performance on behalf of this growth, they label them domestic terrorists, these thugs, the arnie i find in this is this proves how important it is we have good police protection, proper training for our police because of inherents like this. stuart: this is the first time i can remember, that i've never heard of this kind of violent protest with people arrested facing serious charges, to mystic terrorism, we've not seen it before. >> got to send a message here. you can make the argument that this is the result of the defund the police rhetoric we've heard over the past few

years and the problems we have had keeping the morale up of public safety officials, no question we need to be backing them more, you will get some serious response from the state of georgia, we take law and order seriously in the state of georgia. stuart: that look in your eye tells me there are serious consequences. >> president biden is talking about increasing taxes on billionaires, raising taxes on medicare, you are on the house budget committee, what can you do about this? can you stop it? >> this is the irony again of this president who says he's not going to raise taxes on anyone making $400,000, not going to out of them at all, but who's he going after? he says he wants to go after billionaires but he's really going after waiters and waitresses and trying to get to their tips and other things. we got to stop this. be one sorry to interrupt but taxing the rich is popular.

the majority vote in favor of that. >> we can do it with a fair tax, a consumption tax. we when you are not going to get it. under what circumstances would you get a flat tax? in the house, the senate? >> i get your message. the point is washington is about big ideas, we need big ideas, we need to discuss changing the makeup. people don't like paying income tax, they don't like paying payroll taxes. given the choice, they would prefer consumption tax because they have control. stuart: don't have much time. the consumption tax is a sales tax. it would happen in the neighborhood, 20% sales tax to bring in enough revenue. >> 23% as opposed to 33% you're paying currently. we when they did that in

britain, brought in a huge consumption tax but didn't get rid of the income tax. >> and there is a danger in that. that's what we got to make sure happens. the problem is the administration, the people in control don't want to lose control, they can control you, tell you what you pay taxes on. you make the decision with a consumption tax. stuart: congressman buddy carter, i have no idea what you're doing in new york city because you are from georgia. and enjoy the city please. great to have you on the show. actor ben savage just announced he is running for congress. where? lauren: california. the boy meets world actor, he wants to replace congressman adam schiff because adam schiff want lapse to create senator dianne feinstein and this is savage's platform, time to restore faith in government by offering reasonable, innovative, compassionate solutions, time for new passionate leaders who -- he

mentioned homelessness, he is a democrat, he studied at stanford, he ran an unsuccessful campaign to be on the west hollywood city council last year and lost. stuart: why should i get excited about a democrat placing adam schiff? >> he has to be more moderate. stuart: possibly. >> might be more popular, easier on the eye. stuart: i interrupted you in front of the congressman, shameless. >> the quest to fill dianne's senate seat and replace adam schiff, a lot of people putting their hats in the ring, at least an actor in actor has name recognition. stuart: he will probably win. right now the price of a gallon of gas a regular, national average $3.41. gas buddy when they watch gas prices very closely say we could see $4 gas pretty soon. we will tell you all about that soon. the epa wants semitruck's to be

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stuart: the market is reacting to jay powell, testifying in washington. here's why the markets are setting up. if data indicates the fed is prepared to increase the pace of rate hikes, the second point, the ultimate level of interest rates is likely higher than previously anticipated. two big negatives, the dow selling off at one hundred 60 and the yield on tree -- key treasury securities going up, close to 4% again. another report that two planes collide on an airport runway. when that happened this time? >> one jet was backing up from

its get yesterday morning when it's right wing clipped another united jet's tail wing. both planes with passengers, both pretty plain, the flights were canceled, nobody was hurt, but passengers say they felt shaken when it happened. this is a southwest flight traveling from cuba to florida, forced to turn back and make an emergency landing. after a bird straight, it caused engine trouble, the cabin filled with smoke, passengers said they couldn't breathe, everyone was screaming, they evacuated using the slides, no injuries were reported but how many times are we doing stories like this about emergency landings, issues on the runways. i never used to be a scared fire but i would be afraid now. stuart: another case of people being injured by turbines. a sudden problem, another one for you about the price of gasoline, regular average is $3.40 one cents. we could one. a week ago $3.35.

gas buddy, guys who frequently appear on this program is higher by memorial day. liz: $4 a gallon nationally. that would be an increase of $0.59. why? the seasonal transition to the summer blend, some of them doing maintenance work but i'm sick of doing this story. of course it will go to $4 because they are not changing our supply situation. the pioneers ceo says china is the wildcard. if they come online with crude oil at wonder dollars a barrel gas prices will follow it up. we have no extra capacity when it comes to supply. >> i'm not surprised by these forecast anymore. the equation hasn't changed. stuart: that is all right. next case the epa just released

new regulations for semi trucks, want to make them more environmentally frontally by 2027. come en income andrew john, the president of john and john trucking company. i know you like this, you approve of changing to help the environment but can you afford it? how much will these new regulations cost your company? give me a ballpark dollar number? >> between 10 and 15 k give or take but there's a lot more but entails with it. a lot more technology, a lot more equipment that comes on the trucks which means more diagnostic, more things for mechanics and technicians to learn to fix. stuart: do you have to go electric? >> we are not looking at that right now. that is kind of not -- what

they are doing is including specialized filters and then we have to include diesel exhaust fluid. sortable dominates the nitrous oxide. stuart: sounds like you will need government help to stay in business. is that accurate? >> that would help. possibly tax rebates or grant would help us out to manage these new hurdles and everything is becoming more stringent. stuart: if you don't get help, what happens to smaller trucking companies? >> they go out of business. they go out of business. we know how important small businesses are to the economy. stuart: i hate to stick it to you but will you go out of business if you don't get any help at all? >> i think we would hang in there.

we been around since 1925. i am proenvironment but i don't want to be the first generation to go out of business. stuart: thanks for joining us this morning. i would like to know more about your difficult situation. president biden will decide whether or not to approve the willow oil project of this week, it is the largest oil project in this country. jackie heinrich at the white house. is that a yes or no on willow? >> i carry a very large purse every day but one thing that's not in there is a crystal ball. i wish i had that answer but i can say this is a $6 billion proposal, it was initially approved by the trump administration but reversed in 2,020 one after in alaska federal judge said it didn't meet the environmental analysis, called the analysis flawed. the biden administration said they would approve a scaled-back version of the project and the bureau of land

management recommended three drilling sites rather than the originally proposed 5 sites. climate activists are demanding this project be canceled, they gathered more than 2 million signatures opposing it which approving the project would break biden's campaign promise to end fossil fuels. the wall street journal editorial board writes the administration may try to split the baby by approving the project but with limits that make it uneconomical. conocophillips made clear fewer than 3 drilling pads wouldn't be worth the investment. this would be the equivalent of killing the project, and betray the bureaucratic professionals who approved it was a final decision could come this month. measure mirrors of the alaska congressional delegation met with the president are imploring that he moved forward. >> i did press the president respectfully, why would we be going to saudi arabia and venezuela begging for oil from them. they just lifted sanctions on

venezuela, terrorist regime with horrible environmental record, horrible human rights record, importing one thousand barrels a day from venezuela and you won't let alaska produce american energy. >> reporter: the white house is not ready to take a side saying the secretary of the interior is going to make this call. >> when it comes to that specific decision, that something the secretary of the interior is going to make, i'm not going to get ahead of where she's going to be. the president has met with the delegation and i will leave it there. >> reporter: heading into an expected reelection campaign the president is going to have to choose tween approving energy security amid inflated gas prices and russia's ongoing war in ukraine and reducing fossil fuels which is a campaign promise he ran on, to put him in the oval office in the first place. stuart: you are not supposed to gamble on television, my bet is they will reduce the size of

this project of the point where it is not economical, thereby killing it. that is my idea. not asking you to take the bet. >> reporter: gentlemen's bet would say you may be right. stuart: you are all right. thanks very much. see you again soon. programming note. governor of alaska will be on cavuto coast-to-coast at 12:00 eastern. now this. us defense officials warning about chinese cranes that operate in our ports, could be a trojan horse for espionage. we will report on that coming up next. you ok, man? the internet is telling me a million different ways i should be trading. look!

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to get the word out that we have to take care of these great heroes and their families. you know, as i started to be more and more successful, i was like, how can i help? but when i heard of the tunnel of the towers, and i met brandon in idaho and his family, i was like, wow. there's actually a charity where we know where the money's. going to go. we have 95.1% of every dollar goes to our programs. and i think brandon's a great spokesman for t2t and and his wife, shannon, has two daughters. i mean, oh, my god. they're just special families. so pretty much, if you put your life on the line, if something goes bad, they're there. that's awesome. yeah. they're incredible people, man. you saw all the stuff we put in these homes, right? i was i was blown away. and they deserve it. they earned it. this is not of course, we give them a mortgage free home, but look what they gave up. they gave up their bodies so, cole, why should americans give donate help? tunnel to towers foundation. i mean, is there any better organization to help the people

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back a bit, still down one hundred 74, powell is still testifying. the senate banking committee by the way. there is this. tiktok announced a new way for content creators to make money adding a new feature that will allow those creators to share longer videos, up to 20 minutes for a fee. the pentagon warning about chinese cargo vessels operating in america. kelly o'grady, is this about spying? >> reporter: it is. we have a new chinese spy threat on our hands so you can see these cranes behind me used to move containers from ship to shore and the concern is the kind made by a chinese manufacturer to spy on us, reportedly national security and panda got officials have compared these to a trojan horse, they are expensive but contain sophisticated sensors that can register and track

those containers prompting concerns china could capture information about material being shipped in or out of the country to support us military operations. they are everywhere. the company says it control 70% of the global ship to shore market and sells it to put equipment in one hundred countries. normally they come fully assembled as you can see here, they are being transported to the port of la, they are operated remotely through chinese software so everything is internal. that is how it is possible for beijing to siphon intelligence or cause a disruption in our supply-chain. the spokesman for the cpp said the plane was entirely paranoid and bent to mislead the american public in the white house is punting the issue to the transportation and defense department, some gop members propose legislation to ban the purpose the best purchase of these cranes. >> they knew what was being shipped, where it was being shipped around the world. some of that spyware could get into the port systems and the

chinese could use it in a malicious way. we need a different source. >> reporter: it is worth noting the defense bill from december does require the investigation of these cranes to determine if they are a cybersecurity threats but no word on those findings, a focus on something that could be hiding in plain sight, back to you. neil: stuart: china's president xi jinping taking aim at the us saying western countries been, quote, unprecedentedly severe challenges to our country's development. yesterday on this show, 2024 republican candidate vivek ramaswami promised to ban american companies from doing business in china and today bipartisan group of senators will introduce a bill to ban tiktok. congressman mike waltz, are we going too far here? piling on the pressure on

china? going too far? >> we are not. i don't think we are going far enough or fast enough to be candid with you. we have to ask ourselves why is it okay to ban tiktok on all government devices? it is essentially a spyware tool, now the canadian government, indian government, uk government is considering but it is okay to have it on our kids phones monitoring everything they look at, their passwords, keystrokes and by the way, for 100 million americans the chinese can then also know where are port operators are, our pilots, train engineers, we would never have allowed this in the cold war with the soviet union and shouldn't be allowing it now. of the one sounds like we are lining up for war, doesn't it? >> the chinese commonest party entered into a cold war with the united states some years ago emma we are just now waking

up to it but use our they control 70%, but running on chinese software many of them with chinese engineers, to the dictatorial regime to harm our ports and harm our supplies, they have 2 do so, they produce 100% of all the containers, we've got to bring those supply chains back on. stuart: the tension is rising, thanks for being here. florida governor desantis adding to his criticism of gavin newsom for the migrant policies. brian kilmeade is next. ♪

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or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: we have a report about the americans in mexico. the governor of a mexican state says two of the four missing

americans have been found dead. brian kilmeade joins us. this is serious stuff. if that report is accurate what are we going to do with the cartels? >> we don't know alive or dead, not clear they are in our custody in particular but robert o'brien said they had a plan in place, they know where the cartels aren't coordinated with the government and want to take some action and you have people saying william barr who said you have to treat them like you did isis, got to take these groups down, they have more money, we might have some cooperation from the federal government who are outgunned by the cartels. it would help if we didn't have a failed socialist state at our border but we let the border be controlled by the cartels in that failed socialist state so we are really to blame for it. the previous administration said we should have more time to take action but by any means fentanyl getting into our

country is up 22%, you see the flow of illegals, not even close between the two administrations, blowing the doors off of all records. stuart: got to get an accurate report what happened to those americans, if the cartels of killed americans, that is a major escalation and we have to respond. >> where's the president on this? ned price made a statement yesterday, we have no muscle, no bluster, 0. stuart: not good enough. moving on, changing the subject, governor ron desantis taking a swipe at california's migrant policies. >> when i became governor we were able to ban sanctuary cities, we won't recognize lawless identifications done by california. california abandoned the rule of law, they are a sanctuary

state, they don't follow immigration laws, the soros prosecutors pick and choose which laws to enforce, there will be people in los angeles who get mugged on the street and the prosecutor won't bring charges against them and they victimize other people. stuart: this is becoming a major political confrontation, newsom versus desantis, california versus florida. this is how it could shape up for the 24 election. >> newsom is a failed governor not even there during another catastrophe. when it comes to sanctuary state, you are taking taxpayer dollars to support these people, look at these numbers, new york city spends $370 a day per illegal immigrant, $1.4 billion a year and then 30,000 hotels, don't say woe is me because you are a sanctuary city, they know you are not kicking of them up, feeding

them, closing them, free bags, get to stay in beautiful hotels until we get them a job so this is too attractive not to do and they are looking for the federal government to bail them out, with our money, the money we are looking to bail out the states, the states taking our money, using it to pay for illegals, not for us, not for cops, not for raises for teachers, none of this. it is nuts what is going on right now. of the one did you see the front page of the new york times, the times says the biden administration is considering allowing migrant families across the border to stay together, put them in tents and tent cities, playgrounds and schools, i think the president is trying to reverse border policy because he knows the border policy is in deep trouble. >> if you want to apply to the country you're in, he's doing it.

he is doing it. he remained in mexico, a gift for him, he would and now saying get this will be terrible for me if i want to run for reelection. i got to figure out something. somebody's playbook is sitting in the oval office, let me open it up and find out what is working, not perfectly but i can appreciate you can, nobody thought trump was weak on the border, methods were debatable but the objective was not. the objective is debatable and methods are questionable. where are they coming from? are you trying to help our country? look at foreign policy. if this is where his experience is, tell me china is better, the relationship with iran is better, wrong wrong wrong. stuart: i've got one facing the right there. you are all right, see you again soon.

doctor marc siegel, stephen moore, jimmy phelan, joe borelli, president macrom of france wants to raise the retirement age from 62 to 64, workers have shut down the country. france is brought to a standstill. "my take" is next. ♪ that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. (man) what if my type 2 diabetes takes over? (woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat.

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