CNBC: JetBlue is preparing to trim New York flights in response to FAA staffing shortage, CEO says

JetBlue Airways is preparing to cut scores of weekly flights in the New York City area this spring and summer in response to a shortage of air traffic controllers, a measure that will have a financial impact on the airline, CEO Robin Hayes told CNBC on Wednesday.

“We don’t want to pull down flights. I’m sure no airline wants to pull down flights,” Hayes said in an interview with CNBC ahead of an event at the Economic Club of New York. “But if we don’t cut them the system is not going to be workable this summer.”


READ MORE

BUSINESS OF FASHION:  L’Oréal Eyes Tech Talent, Puts Sustainability at the Fore

Beauty’s biggest player is leaning into artificial intelligence and placing a deeper focus on how its goods are made.

READ MORE

US NEWS MONEY: Fed's Mester Says Central Bank Has Yet to Make a Dent in Inflation

Federal Reserve Bank of Cleveland President Loretta Mester said Tuesday that even with a large amount of rate rises this year, the central bank has yet to get surging inflation under control and will need to press forward with tightening monetary policy.

“Unacceptably high and persistent inflation remains the key challenge facing the U.S. economy,” Mester said in a speech given before a gathering held by the Economic Club of New York. “Despite some moderation on the demand side of the economy and nascent signs of improvement in supply-side conditions, there has been no progress on inflation,” Mester said.
READ MORE

BLOOMBERG: Fed's Loretta Mester Says More Restrictive Policy Needed to Cool Prices - Bloomberg

Federal Reserve Bank of Cleveland President Loretta Mester said officials need to keep raising interest rates and cannot get complacent as they work to battle the strongest inflation in a generation.

“Given the current level of inflation, its broad-based nature, and its persistence, I believe monetary policy will need to become more restrictive in order to put inflation on a sustainable downward path to 2%,” Mester said Tuesday in a speech to The Economic Club of New York.

READ MORE


 

FOX BUSINESS:  Larry Summers warns inflation outlook is ‘pretty grim,' urges Fed to move faster on rate hikes

Former Treasury Secretary Larry Summers – who predicted this would all happen nearly one year ago – thinks the inflation problem will get worse before it starts to improve.

"I think the inflation outlook is pretty grim," Summers said Tuesday during a virtual discussion hosted by the Economic Club of New York. "And I think the Fed is a fair amount behind the curve."

READ MORE 

COINGAPE: Michael Saylor Explains Why Bitcoin Is Best Inflation Hedge

Michael Saylor, CEO of MicroStrategy, explained the merits of Bitcoin amid the rising inflation to members of the Economic Club of New York on Monday. Saylor said the most prominent digital currency Bitcoin can be a hedge against inflation and a store of value, especially under the current conditions.

READ MORE