Happy Monday, readers. We hope you found a moment to rest and recharge over the holiday weekend. In New York, a grand Easter Parade brought a burst of whimsy to Fifth Avenue, where elaborate hats and costumes turned the street into a quintessential spring scene. Here’s what else you need to know to get up to speed and on with your day.

After U.S. forces rescue a downed airman in Iran, President Trump issues a strong ultimatum to Tehran—demanding the Strait of Hormuz be reopened or face massive attacks. As tensions rise, Iranian officials dismiss Trump’s threats,