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Inflation softened, crypto hysteria and Twitter could go bankrupt.

The euphoria over slowing inflation in the world’s largest economy looks set to continue, with US index futures and European stocks rallying for a second day. Bond traders too are declaring victory in the Federal Reserve’s fight to curb overheating in the economy. But the optimism might be tempered as Fed Chair Jerome Powell’s favorite benchmark for recession risks inverted for the first time since the pandemic hit.