Standstill in the Hormuz Strait, inflation data, Warsh's Senate hearing and more in Morning Squawk

In the latest update from the financial world, the focus is on the ongoing standstill in the Strait of Hormuz, which has led to a dip in U.S. oil prices below the $100 mark. This situation persists despite a ceasefire agreement between the U.S. and Iran announced earlier this week. Recent inflation data reveals that the rate was already above the Federal Reserve's target prior to the conflict, with the personal consumption expenditures price index rising by 2.8% year-over-year, aligning with expectations. The core PCE index, which excludes food and energy costs, also increased by 3% annually. As investors brace for the economic implications of the Iran war, they anticipate a more recent update on inflation with the Bureau of Labor Statistics set to release the consumer price index for March. In the competitive landscape of artificial intelligence, OpenAI is working to solidify its market position amid rising competition from Anthropic. This week, OpenAI addressed its investors, highlighting the differences in compute expectations between the two firms. Meanwhile, major players like Meta and Amazon are ramping up their investments in AI technologies, with Meta committing an additional $21 billion towards CoreWeave's AI cloud infrastructure and Amazon's CEO defending a substantial $200 billion investment in AI. On the political front, Kevin Warsh's Senate Banking Committee hearing has been postponed due to incomplete paperwork, with expectations that it will occur soon. National Economic Council Director Kevin Hassett expressed confidence that Warsh will be prepared by the end of Jerome Powell's term. However, tensions remain as Senator Thom Tillis has stated he will not vote on any Fed chair nominees until the Department of Justice concludes its investigation into Powell. In other news, the NFL is under scrutiny from the U.S. Department of Justice concerning potential anticompetitive practices, coinciding with the league’s renegotiation of media rights deals. The NFL has defended its model, emphasizing that nearly 90% of its games are available for free on broadcast television, promoting it as highly favorable for fans and broadcasters alike.