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"The inflation fire was already hot and now with war-driven inflation added to the mix, it will grow even hotter, setting off a scramble by the world’s central banks to pull back their stimulus earlier than expected," Chris Rupkey, chief economist at FWDBONDS, wrote in an email. "A spike in inflation rates has preceded economic recessions historically and this time prices have soared to levels that once again pose a threat to growth." Telegram, which does little policing of its content, has also became a hub for Russian propaganda and misinformation. Many pro-Kremlin channels have become popular, alongside accounts of journalists and other independent observers. The fake Zelenskiy account reached 20,000 followers on Telegram before it was shut down, a remedial action that experts say is all too rare. "And that set off kind of a battle royale for control of the platform that Durov eventually lost," said Nathalie Maréchal of the Washington advocacy group Ranking Digital Rights. The picture was mixed overseas. Hong Kong’s Hang Seng Index fell 1.6%, under pressure from U.S. regulatory scrutiny on New York-listed Chinese companies. Stocks were more buoyant in Europe, where Frankfurt’s DAX surged 1.4%.
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