America's 250th birthday is shaping up to be a red, white and blue fireworks bonanza — for towns that can afford it.
Why it matters: As cities compete for bigger, brighter anniversary displays, smaller municipalities are getting priced out — or learning there simply aren't enough crews or equipment to go around.
A wave of data this week will give us our first indicators of how the U.S. economy held up in June. Top policymakers convene in Portugal for the world's most-scrutinized central banking conference, second to the Kansas City Fed's annual Jackson Hole symposium in late August.
Driving the news: The European Central Bank's annual forum in Sintra, a picturesque ancient town outside Lisbon, convenes Monday and runs through Wednesday.
The Federal Reserve is different. That's the upshot of the Supreme Court's rulings Monday morning.
Why it matters: President Trump can't fire Fed governor Lisa Cook for now, a 5-4 court majority held, alongside an opinion that offers a sweeping defense of the central bank's independence.
But the ruling is narrow enough that Trump and future presidents have latitude to fire Fed governors if they can establish legal cause more carefully than Trump did in the Cook case.
The Supreme Court on Monday cleared the way for President Trump to freely fire officials from the Federal Trade Commission and most — though not all — agencies that have long been politically independent.
Why it matters: It is a historic unraveling for agencies that have long been shielded from politics. The ruling will vastly expand presidential power and influence.
The Supreme Court ruled Monday that President Trump could not immediately remove Federal Reserve governor Lisa Cook, a blockbuster ruling that limits the president's influence on the central bank.
Why it matters: The decision is the highest court's strongest endorsement yet of Federal Reserve independence, making it harder for Trump and future administrations to reshape the central bank through presidential firings.
Rocket Lab on Monday said it's agreed to acquire Iridium Communications for $8 billion in cash and stock.
Why it matters: This could eat into SpaceX's end-to-end space biz, by combining Rocket Lab's launch and satellite manufacturing business with Iridium's satellite network.
Oil shipments through the Strait of Hormuz are resuming faster than many analysts predicted, but fresh hostilities in recent days are threatening the trend.
Why it matters: The rebound in shipments is good news for the tight oil market and is helping push prices lower.
Tired: talking about the price of oil. Wired: talking about Kevin Warsh.
The new Federal Reserve chairman is the topic du jour among market analysts and investors trying to parse his every move — as well as his suit.
Why it matters: The direction of U.S. monetary policy is crucial to markets, which behave very differently based on whether investors believe interest rates are going up or down or will be holding steady.
Data: U.S. Bureau of Labor Statistics; Chart: Danielle Alberti/Axios
The CEOs lost this one: New government data shows that 35% of U.S. workers did some or all of their work at home last year — significantly higher than in the previous decade.
Why it matters: Despite the best efforts of many prominent executives and leaders, we live in a hybrid work world, with more people doing their jobs remotely, and that's led to big societal change.
Borrowers face substantial changes to student loans beginning next month, including fewer repayment options under President Trump's tax-and-spending law and the final death blow for the dismantled SAVE plan.
Why it matters: Millions of borrowers must pick a new repayment plan, and some will face tighter borrowing caps and higher repayments.
