President Trump is gradually testing, stretching and gutting the independence of America's major institutions, leaving few stones unturned in his pursuit of unchecked power, Axios' Zachary Basu writes.

• Why it matters: In Trump's vision of America, authority flows only from his consent.

The firing of Fed governor Lisa Cook — a first in modern history — shows that even the central bank's legendary independence is no longer untouchable.

• "I have the right to do anything I want to do. I'm the president of the United States," Trump told reporters yesterday when discussing his threat to send the National Guard into Chicago.

🖼️ The big picture: In just seven months, Trump has consolidated vast power by following a clear playbook: Capture what he can, contest what he can't and punish those who resist.

1. Captured institutions: Trump has exerted decisive control over every inch of the executive branch, leaving little pretense of independence anywhere in the federal bureaucracy.

• Justice Department: Trump has declared himself — not the attorney general — as America's "chief law enforcement officer." He's stacked the DOJ with loyalists who are now leading criminal investigations into Democrats, Obama-era intelligence officials and other Trump critics.
• Intelligence community: Security clearances have been stripped from alleged leakers, and intelligence staff have been cut dramatically. Defense Secretary Pete Hegseth even fired the head of the Defense Intelligence Agency after a preliminary assessment by the DIA suggested Trump's Iran strikes were less successful than he claimed.
• Independent agencies: An executive order moved all regulatory bodies under White House control, erasing decades of autonomy and enabling the gutting of the Consumer Financial Protection Bureau and U.S. Agency for International Development.
• Washington, D.C.: Trump has seized control — literally and figuratively — over much of the nation's capital, deploying the National Guard, taking over the Kennedy Center and threatening the Smithsonian over what he deemed "anti-American" content.

2. Contested battlegrounds: These arenas face constant interference, but Trump hasn't yet achieved full capture.

• Military: Trump has fired top generals and required new four-star nominees to meet with him.
• Congress: The White House has eroded the legislature's core powers on tariffs, spending and war — sidelining lawmakers with emergency declarations or outright defiance.
• Academia and law: The Trump administration has extracted over $1 billion in settlements from elite universities and law firms, weaponizing the federal government's enormous funding leverage to browbeat liberal power centers.

3. Remaining resistance: These are the institutions that still act as counterweights, even if Trump is trying to kneecap them.

• Courts: Federal judges have frozen dozens of Trump's most aggressive policies and spoken out against intimidation. Still, the White House has escalated attacks on "rogue" judges, testing whether the judiciary can withstand sustained pressure.
• Media: Major outlets continue to investigate and expose contradictions in Trump's presidency, even as he curtails access, threatens regulatory action against broadcasters, and promotes loyalist voices in the press corps.
• Democratic Party: Despite their unpopularity, Democrats remain a legitimate opposition force — using congressional hearings, lawsuits and state governments to challenge Trump.

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Senior Democratic officials want to hold a rare national convention before the 2026 midterms to showcase candidates and the party's emerging leaders, Axios' Alex Thompson reports.

• Why it matters: The event — a smaller version of the national conventions in presidential election years — would allow the party to fundraise and get media attention as it tries to win back both chambers of Congress. And it'd be a magnet for '28 hopefuls.

The convention would create a national stage for Democrats running in key House, Senate and governor races to frame their arguments against President Trump.

• Ken Martin, the new chair of the Democratic National Committee, quietly has been pushing the idea with party leaders in Minneapolis this week during his first meeting as DNC chair.
• Martin has noted that the party has held midterm-focused conventions in the past, though not for decades.

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Markets seem willing to ignore the risks that could come from President Trump trying to fire Fed governor Lisa Cook, as long as:

1. Nvidia reports solid earnings this afternoon.
2. Interest rate cuts are coming.

Why it matters: Yesterday's muted market reaction is the latest example of investors shrugging off any headwinds that come their way, Axios' Madison Mills writes.

• Markets simply "don't care for now," Mohamed El-Erian, chief economic adviser at Allianz, tells Axios.

👀 What we're watching: Of course, all this euphoria could be derailed by one whiff of weakness in Nvidia earnings, which come out today after the closing bell.

• The company represents 3% of the global stock market — and its biggest customers are the other top 10 companies in the S&P 500.

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Average gasoline prices over Labor Day weekend will be lower than in recent years, Axios Generate author Ben Geman writes.

• Why it matters: Lots of people drive over the holiday weekend, and consumer costs will be a battleground in the midterm elections.

The national average price is projected to be $3.15 per gallon — the lowest Labor Day price at the pump since 2020.

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An AI-driven private school that teaches core subjects for just two hours a day is nearly doubling its footprint, adding eight new campuses from California to Puerto Rico, Axios Charlotte's Alexandria Sands writes.

• Why it matters: With tuition starting at $40,000, Alpha Schools is riding the parental school choice movement while embracing the technology that will shape kids' futures.

💡 How it works: In Alpha Schools, students spend no more than two hours on core academics, then devote the rest of the day to developing life skills.

• AI models generate personalized learning plans for students, who then learn on third-party apps like Synthesis Tutor and Math Academy, as well as Alpha Schools' own programs.
• Each subject is taught in 25-minute sessions, with short breaks in between.

Instead of teachers, the schools employ "guides," who start at $100,000 a year. They don't create lesson plans or lectures and come from a range of backgrounds, including tech and law.

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President Trump held up this photo while talking about AI during yesterday's marathon Cabinet meeting (3 hours, 17 min. — longer than "The Godfather"), and said it was "something given to me by Mark Zuckerberg."

• The photo shows an outline of the more than $10 billion Hyperion data center Meta is building in rural Louisiana, overlaid on a map of Trump's beloved Manhattan.

"I think they say 81% of Manhattan," POTUS said. "So these are big things."

• More on the data center (Bloomberg gift link) ... "Trump Plays Reality Television Host at Cabinet Meeting That Lasts Hours" (NYT gift link).

Portrait of power: The White House posted this photo of President Trump's Cabinet, taken yesterday in the Oval Office.

FCC chair Brendan Carr put pressure on Google to make a deal with Fox, after the tech giant threatened to pull Fox Corp.-owned channels —including Fox broadcast, Fox Sports, Fox News and Fox Business — from YouTube TV.

• Why it matters: These types of fights are common between TV carriers and networks ahead of football season, and contracts are typically designed to expire in August for that reason, Axios media expert Sara Fischer writes.

The 2025 NFL season kicks off Thursday, Sept. 4. College football Week 1 keeps rolling tomorrow.

• YouTube TV now has more than 8 million subscribers, making it one of the largest TV providers in the country.

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Cracker Barrel is dropping its new logo (right) and returning to the "Old Timer" design after criticism from some customers, including MAGA figures who decried the switch as a "woke" gesture, Axios' Rebecca Falconer writes.

• Why it matters: The Tennessee-based chain's announcement came hours after President Trump called on Cracker Barrel to "go back to the old logo, admit a mistake based on customer response."

Shares in the restaurant chain initially fell after the logo change backlash began.

• The stock rose 7% in after-hours trading last night following the company's announcement that it's returning to the old logo.

🥊 Trump celebrated the move on Truth Social: "All of your fans very much appreciate it. Good luck into the future. Make lots of money and, most importantly, make your customers happy again!"

• White House deputy chief of staff Taylor Budowich posted on X: "I appreciated the call earlier this evening with @CrackerBarrel. They thanked President Trump for weighing in on the issue of their iconic 'original' logo. They wanted the President to know that they heard him, along with customer response (the ultimate poll), and would be restoring the 'Old Timer.' So smart! Congrats Cracker Barrel and America!"

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