Good Monday afternoon. Today's newsletter, edited by Sam Baker, is 537 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.

⚖️ Situational awareness: The Supreme Court allowed the Trump administration to proceed with mass layoffs at the Department of Education. Go deeper.

The Fed's independence is in the crosshairs as President Trump's threats become more concrete, Axios' Neil Irwin reports.

• Trump's appointees are trying to lay out legal predicates to fire Fed Chair Jerome Powell for cause — specifically, that the Fed's $2.5 billion headquarters renovation included changes not approved by a federal planning authority and/or that Powell lied to Congress about the project.
• The president has also installed allies, including the White House staff secretary, on the commission that approves such renovations — normally the province of architects and historical preservationists.