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Default queries updating much slower in xl07?

Using VBE to create, then modify and update a whole lot of queries in one
sheet. (Using MSQuery to pull data from other excel sheets).

What was relatively quick in xl03 is taking astronomical amounts of time (I
had to leave a program running overnight last night).

My main theory is that all the formulas-to-the-right are calculating
whenever I update a query (even though calculate is set on manual). Is there
a way to turn that off?
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