GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. It's a busy day in two of America's largest cities: The Knicks will celebrate their NBA championship with a ticker-tape parade in New York City, while the Obama Presidential Center is set for a star-studded opening in Chicago. Stock futures are higher this morning as traders look to rebound from yesterday's losses. Here are five key things investors need to know to start the trading day:
1. Kevin's heart
Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, June 17, 2026. Al Drago | Bloomberg | Getty Images
As expected, the Federal Reserve held interest rates steady yesterday, keeping its benchmark rate in a range of 3.5%-3.75%. But the real excitement was what Kevin Warsh did at hist first meeting as the central bank's chairman. Here's what to know: The first Federal Open Market Committee statement under Warsh was significantly shorter than that of recent meetings, lacking forward guidance as well as details on how members voted.
At his post-announcement press conference, Warsh announced plans for task forces focused on overhauling the central bank's operations.
The chairman sat out of participating in the Fed's "dot plot" but said he encouraged his colleagues to continue doing so. Of the 18 members who did share their projections, nine indicated that they expected a rate hike this year.
DoubleLine Capital's Jeffrey Gundlach told CNBC that Warsh's first meeting made it clear that the chairman would not be the "easy money" leader that many expected.
The S&P 500 worst performance on the first "Fed day" under a new chair since at least 1994.
worst performance on the first "Fed day" under a new chair since at least 1994. Yesterday's drop dragged the S&P 500 into the red for the week. Follow live markets updates here.
2. Sign on the dotted line
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