How Xi went from admiring Putin to managing him

1. FROM MY DESK Inflation is back in focus this morning, with new CPI data and major bank earnings offering a dual look at how Americans are keeping up. Elsewhere, we are monitoring the escalating standoff between the U.S. and Iran over the Strait of Hormuz. We’re also looking ahead to this week’s World Cup semifinals, where England and Argentina prepare to renew one of sport’s greatest—and most volatile—rivalries on the pitch. And I highly recommend our deep dive into the shifting power dynamic between China’s Xi Jinping and Russia’s Vladimir Putin. Our chief China correspondent, Lingling Wei, takes you…