The markets: The dollar rose to another high against DXY, the benchmark index of foreign currencies , after the U.S. jobs report came in way above expectations . With the economy running hotter than everyone thought, investors now suspect the Fed may put more interest rate cuts on hold — and that explains why the S&P 500 fell 1.5% on Friday and why US futures look even gloomier this morning.

Today: More heavy winds are expected in Los Angeles , where fires continue to burn out of control . The official death toll has hit 24 but that is expected to go higher. The fires could be the most expensive disaster in U.S. history, according to Governor Newsom . At a personal level, many people who were banking on the value of their home to provide them with financial security in retirement now have nothing .

CEO Daily insight: An exit interview with the Homeland Security chief

I’m listening to the song City of Stars as I write this, thinking about the devastated lives and landscape of Los Angeles. My heart goes out to everyone impacted by the wildfires, which have killed at least 16 and ravaged an area larger than the city of San Francisco . Gov. Gavin Newsom has vowed to create a “Marshall Plan” to rebuild the city.

The federal government is a critical player in any natural disaster. Specifically, the Federal Emergency Management Agency (FEMA ) helps people through disasters. The agency reports up to the U.S. Department of Homeland Security, which also handles border security, anti-terrorism efforts, immigration, and more.

I spoke with outgoing DHS Secretary Alejandro Mayorkas on Friday about what he learned during his tenure, which included an impeachment battle over his handling of immigration — which passed in the House and was dismissed in the Senate. Here are some of his edited remarks:

“We have worked through a number of crises that reflect the diversity of our mission, whether it’s action by the People’s Republic of China, border challenges, global displacement and the migration resulting from it, the COVID-19 pandemic, and the increased severity and frequency of extreme weather events. We met those challenges while improving morale in a department that historically has been last in employee well-being. Last year, we were the most improved large federal department, and this year we’ve done even better.”

“We did that by getting legislation to correct the unfairness of TSA frontline pay, investing in mental health programs, and fostering cohesion among 260,000 personnel across multiple operational agencies and offices . While our budget of a little over $100 billion may seem significant, it’s under-resourced for our mission. Balancing efficiency with securing necessary funding is critical.”