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It will attempt to refresh just the embedded datasources. As the published data source is managed separate form the workbook; the refresh schedule is not applied to these data connections because there might be reasons why a global data connection should update with the workbook. Since shared data sources are designed for more global use; aligning the data update based off individual workbook settings may not make much sense for other users. Instead published data connections are designed to update only with schedules applied directly on it; they are not impacted and refreshed based off workbook refresh schedules.