China's inside man at the Fed, OpenAI debuts Dots, an IPO trend and more in Morning Squawk

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Happy Wednesday. Citadel CEO Ken Griffin is donating $3 billion to Carnegie Mellon University, what the school called the "largest individual gift in higher education history." Catch the hedge fund billionaire on CNBC's "Squawk on the Street" at 10 a.m. ET. Watch live on CNBC Pro or CNBC+.

Stock futures are little changed this morning. All three major averages are coming off their second straight negative day.

Here are five key things investors need to know to start the trading day:

1. Inside Man

The Marriner S. Eccles Federal Reserve Board Building is seen under construction in Washington, D.C., on September 15, 2026.

Mehmet Eser | Anadolu | Getty Images

How did John Harold Rogers go from a senior Federal Reserve official to an espionage suspect arrested by the FBI? As CNBC's Eamon Javers reports in a new investigation out this morning, it's a case that, as one federal prosecutor put it, reads "like a spy novel."

Here's what to know:

• Rogers, now 65, was arrested in January 2025. Investigators believed that he passed information about the central bank to a Chinese government spy.
• Rogers' desire for female companionship appeared to drive his actions and was exploited by an agent for the Chinese government, who became a key part of the economist's professional and personal life.
• As Javers writes, the question to answer is whether Rogers was a spy himself or just a dupe for Chinese intelligence.
• Rogers declined to be interviewed for the story, and his lawyers say he didn't give the Chinese any valuable information. Officials at the Fed and its Office of Inspector General declined to comment.
• CNBC found text messages, audio recordings, copies of Fed documents and dozens of photographs that were not previously made public.
• Read the full story and watch the documentary here.

2. Goodbye AI, hello SI?

Heather Diehl | Getty Images

3. Data day

Scott Olson | Getty Images