‘Mutiny, if need be’: At the Fed, ‘Warsh can suppress dissent only so much,’ over credibility-testing interest rate decision, Macquarie says

Good morning. On Fortune’s radar today:

At the Fed, some on Wall Street expect “mutiny.”

Hamas agrees to disarm.

Markets: Risk-on, everywhere!

Chart: We’re using a lot less oil.

Thank retirees for keeping unemployment down.

Love Island winners are becoming more boring because of inflation.

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Hamas agrees to disarm if Israel withdraws from Gaza

Hamas has told the BBC that it has agreed to disarm itself as part of President Trump’s peace plan for Gaza. The agreement is dependent on Israel withdrawing from Gaza. Israel has declined comment so far—raising a huge question about whether a lasting peace can be achieved.

Trump was exultant on his social media platform last night: “This agreement is a critical step towards Gaza finally being governed by a new Palestinian government that will work closely with the Board of Peace to help the Palestinian people. At the same time, Israel will have the security it deserves, with Gaza no longer used as a base for terror attacks,” he said.

“This is a major milestone in the implementation of the Trump 20-Point Plan. The agreement will be carried out in carefully structured phases. As disarmament is completed, Israeli forces will withdraw, and the International Stabilization Force will work with a new Palestinian police force to take responsibility for Gaza being safe for its residents and its neighbors.”

The two sides are at the beginning of what will be a long and complicated process. The most immediate issue is, will Hamas agree to disarm before Israel withdraws or must Israel withdraw first and hope that Hamas sticks to its word?

Trump touts "historic" agreement to disarm Hamas, rebuild Gaza - Axios

And just like that, traders shrugged off yesterday’s fear and doubt and became optimistic about the future again. Every single major global index is up this morning—and U.S. futures are up before the bell in New York too. Risk on, everybody!

Among the factors driving the mood are Amazon’s Q2 earnings call last night. Its stock is up 12% in overnight trading after it reported strong demand for its AWS cloud business. Fortune’s Amanda Gerut has the details here.

South Korea’s notoriously volatile KOSPI spiked up nearly 18%, one of its largest single-day gains ever. The index is dominated by two chip stocks, SK Hynix and Samsung, and traders were presumably buoyed by the fact that Amazon, Microsoft and Apple all said on their earnings calls this week that they had strong demand for their services—implying a need for the chips that deliver........

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