GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. Before we hear from Federal Reserve Chairman Kevin Warsh at his post-decision news conference this afternoon, President Donald Trump is set to hold his own press conference at the G7 summit this morning. S&P 500 futures are little changed this morning following a down day for the index. Here are five key things investors need to know to start the trading day:
1. Fed day
Federal Reserve Chairman Kevin Warsh departs from the East Room of the White House after a swearing-in ceremony, May 22, 2026. Aaron Schwartz | AFP | Getty Images
The Federal Reserve will announce its latest policy decision at 2 p.m. today, its first decision under the leadership of Chairman Kevin Warsh. The central bank is widely expected to hold interest rates steady, but that doesn't mean there won't be other changes. As CNBC's Jeff Cox reports, Fed watchers expect Warsh to not participate in the central bank's "dot plot," a quarterly update of where Fed officials see rates going. There could be many reasons why: Warsh doesn't approve of the dot plot, but he may also just not feel ready after taking over from Jerome Powell late last month. If Warsh doesn't submit a "dot," it would mark a break from the practice that's been in place for 14 years. Follow live updates on the Fed meeting here.
2. En garde
U.S. President Donald Trump speaks during a bilateral meeting with Egyptian President Abdel Fattah el-Sisi on the sidelines of the G7 Summit on June 17, 2026 in Evian-les-Bains, France. Anna Moneymaker | Getty Images
3. Lane change
Hollywood, Florida, Carvana car dealership, automated car vending machine building selling used cars, delivery truck. Jeff Greenberg | Universal Images Group | Getty Images
Carvana is getting into new vehicles, but that doesn't mean it is going to follow the typical dealership road map. As CNBC's Michael Wayland reports, the online used vehicle retailer plans to use its franchised dealerships as service centers and "playgrounds," where customers can test out which cars they'd like to buy on its online platforms. If Carvana's approach — which it detailed publicly for the first time this week —is successful, it could shake up the entire U.S. franchised dealership model. Elsewhere in the auto industry: Rivian announced yesterday that it is cutting hundreds of workers. The layoffs, which affect less than 2% of the EV maker's workforce, come a week after the company launched deliveries of its new R2 SUV.
Get Morning Squawk directly in your inbox CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today.
... continue reading