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

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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:

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.

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.

Consumers are over their smartphone screens, according to Snap's CEO Evan Spiegel, who told CNBC yesterday that "people are ready to think about computing differently." To put that to the test, the social media company is launching augmented reality glasses.

Spiegel on Tuesday debuted "Specs," Snap's first AR device for the general public rather than developers. The price tag for the glasses, which are lighter and feature a larger display that previous versions, stands at $2,195 with a $200 deposit.

More people are "actually questioning their relationships with screens," Spiegel told CNBC. But investors don't seem sold: Snap shares dropped more than 9% in yesterday's session following the debut.

An affordable housing bill that caps the number of single-family homes major investors are allowed to purchase is getting fast-tracked in Congress. After key lawmakers reached an agreement yesterday, the legislation is now expected to be signed into law before the end of the month.

Senate Majority Leader John Thune, R-S.D., said Tuesday that the bill could advance through his chamber as early as this week. Sen. Elizabeth Warren, D-Mass., meanwhile, told CNBC that the bill is "historic," citing it limits on private equity's growth.

The legislation would limit the number of single-family homes major investors can buy at 350. But it doesn't contain a provision that would have forced investors to sell any housing units they build within seven years.

— CNBC's Jeff Cox, Sean Conlon, Hugh Leask, Spencer Kimball, Kai Nicol-Schwarz, Annie Palmer, Oliver Renick, Michael Wayland, Michele Luhn, Jonathan Vanian, Emily Wilkins and Yun Li contributed to this report.

CJ Haddad assisted in the production of this newsletter. Josephine Rozzelle edited this edition.