Fed Day, Macy's earnings, Micron's memory boost and more in Morning Squawk

In today's market update, we delve into key economic indicators and corporate performances poised to shape the trading landscape. Notably, it is a pivotal day for investors as the Federal Reserve prepares to announce its latest decisions on interest rates, with expectations leaning towards maintaining the current rates amidst ongoing inflation concerns and geopolitical tensions. Macy's shares have seen a notable increase of 9% following a strong fourth-quarter performance that exceeded expectations. However, the retail giant has offered a cautious forecast for the upcoming fiscal year, anticipating a decline in both sales and earnings per share compared to the previous year. CEO Tony Spring highlighted the company's progress across its brands but acknowledged uncertainties related to gas prices and tariffs, emphasizing the focus on controllable factors. In the athleisure sector, Lululemon reported a solid fourth-quarter performance but tempered investor enthusiasm with a conservative outlook, affected by ongoing tariff challenges and a proxy battle. Oil prices are back on the rise, with Brent crude surging by 3.2% to surpass $103 per barrel. This increase follows remarks from President Trump regarding NATO's non-involvement in the Iran conflict, which he criticized as a significant misstep. The continuing turmoil has pushed U.S. diesel prices above $5, marking a 34% spike since the onset of the war, while gasoline prices have also seen a substantial increase of 27% according to AAA statistics. In technology news, Micron Technology is experiencing a strong year, with shares up over 60% as it prepares for its second-quarter earnings report. The company is benefiting from a memory shortage, particularly in the context of rising demand for memory and storage solutions for artificial intelligence applications, notably those associated with Nvidia's advanced AI chips. Analysts are projecting an impressive 148% revenue growth year-over-year. Meanwhile, the airline industry is adjusting its revenue expectations upwards, with Delta Air Lines, American Airlines, and JetBlue Airways all reporting increased first-quarter revenue forecasts despite rising fuel costs. Delta's CEO Ed Bastian noted the robust demand for travel, which is helping to mitigate the impact of higher fuel prices and recent weather disruptions. As airports continue to grapple with long security lines due to ongoing issues at the Department of Homeland Security, some Transportation Security Administration agents are working without pay, prompting calls for changes from Senate Democrats regarding immigration enforcement. In the private equity space, Orlando Bravo of Thoma Bravo addressed critics, asserting that experience is what differentiates successful investments in the current market, and reaffirming confidence in his firm's performance amidst challenging economic conditions.