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Happy Friday! Isn’t everything just brighter and cheerier in the summer? 🌞 Days are longer, no need for layers, ice cream nights, etc. I’m talking directly to everyone who orders fall drinks at coffee shops in August. (Editor Emily Martin here, chai latte in hand, so badly wants to cut this line from the newsletter.)

In today's issue:

• FBI raids John Bolton’s home
• Trump accuses Bolton of being ‘unpatriotic’
• Powell signals interest rate cut (!)
• President threatens to fire Fed governor
• Cracker Barrel dragged over logo redesign

📰 NEWS THIS MORNING

Why John Bolton is having a bad morning:

FBI agents raided the home of President Trump’s former national security adviser John Bolton this morning.

Why?: The search is related to classified documents, two sources told NewsNation. The Associated Press reports that Bolton was not detained and has not been charged with any crimes.

📹 Footage of the FBI raid in Bethesda, Md.

FBI Director Kash Patel posted a pretty cryptic message just after 7 a.m.: “NO ONE is above the law… @FBI agents on mission.”

Bolton then bashed Trump shortly after: “Russia has not changed its goal: drag Ukraine into a new Russian Empire. … Meanwhile, meetings will continue because Trump wants a Nobel Peace Prize, but I don't see these talks making any progress.”

For context: Bolton has frequently clashed with Trump since serving in his first administration. When Trump returned to office in January, he yanked Bolton’s security clearance and Secret Service protection. This is notable because Bolton faced assassination threats from Iran due to his hawkish stance toward the country.

🗨️ Follow today’s live blog

➤ LATE THIS MORNING — TRUMP WEIGHS IN:

Trump said he was not given advance notice of the Bolton raid. He called his former national security adviser a........

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