Fed day, Trump at G7 summit, Carvana's new vehicle push and more in Morning Squawk

In today's financial landscape, investors are bracing for significant updates ahead of the Federal Reserve's monetary policy announcement scheduled for 2 p.m. This marks the first decision under Chairman Kevin Warsh, who is anticipated to maintain current interest rates. However, there are expectations that Warsh may opt out of the 'dot plot'—a quarterly forecast of future rate changes—reflecting his differing views on the practice, which has been in place for over a decade. Meanwhile, President Donald Trump is addressing the G7 summit in France, where he has issued a warning regarding the Iran deal, suggesting that military action could resume if negotiations do not align with U.S. interests. This statement has resulted in a slight uptick in crude oil prices, reversing yesterday's decline. In the automotive sector, Carvana is venturing into new vehicle sales with a unique approach that diverges from traditional dealerships. The online used car retailer intends to transform its franchised dealerships into service hubs and interactive spaces for customers to explore their vehicle options online. If successful, this strategy could significantly alter the landscape of franchised dealerships in the U.S. On a different note, Rivian has announced layoffs affecting nearly 2% of its workforce, just a week after starting deliveries of its new R2 SUV. In tech news, Snap's CEO Evan Spiegel revealed that the company is launching augmented reality glasses named 'Specs,' priced at $2,195. Spiegel noted a growing consumer sentiment of wanting to rethink their interactions with screens, although the market response was lukewarm, with Snap shares dropping more than 9% following the announcement. Additionally, a fast-tracked affordable housing bill aims to limit large investors to purchasing no more than 350 single-family homes, a move celebrated by advocates like Senator Elizabeth Warren as a step to curb private equity's influence in housing. Lastly, a startup has partnered with CME Group to potentially introduce the first futures contracts linked to AI's computational requirements, highlighting the evolving market in this innovative sector.