Stocks were lower for the 3rd day in a row yesterday, after investors saw the high inflation numbers which raised expectations of tighter monetary policy from the Federal Reserve, which investors fear could slow the economy.
Airfare prices are surging as higher fuel prices and strong travel demand drive up the cost of flights. Consumers spent $8.8 billion on domestic U.S. airline tickets last month, up 28% compared with March 2019, before the pandemic, while fares surged 20%, Bookings only rose 12%. Higher airfares are one of the latest examples of inflation, which is hitting consumers at gas stations, supermarkets and in the housing market. Airline executives have been confident that they could pass along the bulk in the surge in jet fuel to travelers, who so far appear willing to shell out more for travel.
The U.S. Department of Education has extended the payment pause on federal student loans for the sixth time since the pandemic began more than two years ago. This time, borrowers have been told they won’t have to resume paying on their student loans again until September. Despite improvements to the economy since the pause on federal student loan bills was first announced in March 2020, President Joe Biden has said it remains too early to ask borrowers to begin paying again.
