Good morning. Yesterday, on the first of May, Donald Trump sacked his national security adviser Mike Waltz, after Waltz embarrassed the administration in the Signalgate controversy. It’s the first major personnel shake-up of the second Trump administration. An amusing side-note: on the betting site Kalshi, the biggest wager on the NSA was “Will Michael Waltz resign before May?” At least Waltz won that bet. Email us: robert.armstrong@ft.com and aiden.reiter@ft.com. 

Our excellent colleague Chris Giles and his Monetary Policy Radar team will be hosting a Q&A on central banks on Wednesday May 7. Watch and add questions at this link. 

Massive market comeback! Yay?

Take a moment, readers, and think of Wall Street’s poor traders. They have been hammered coming and going. A month ago, “liberation day” blew them out of their leveraged, low-vol, risk-on, American exceptionalism, Mag 7-heavy positions. But for the past two weeks, markets have staged a stunning comeback, which reached a peak as Microsoft and Meta reported strong results on Wednesday, sending tech stocks flying and dragging the indices with them. We are now within a few ticks of taking back all the liberation day declines: