😬 Axios PM: Flight shock

Plus: | Friday, June 10, 2022

Open in app View in browser   Presented By Morgan Stanley   Axios PM By Mike Allen · Jun 10, 2022 Good afternoon: Today's PM — edited by Justin Green — is 392 words, a 1.5-minute read.     😬 1 big thing: Flight shock Data: Bureau of Labor Statistics via St. Louis Fed; Chart: Axios Visuals Your international trip just got logistically easier, if you can stomach the price of the airline ticket. COVID tests to re-enter the U.S. are being phased out at midnight on Sunday, granting relief to people who'd gotten stuck overseas. The rule started in January 2021, and its end was applauded by airlines and the travel industry. 💸 But plane tickets are up 38% compared to May 2021, part of runaway inflation. It's not just the return of pre-COVID prices: Domestic flights are up 33% from May 2019, and international flights are up 17%, according to the travel site Hopper, the N.Y. Times reports. What's happening: Here's an example of higher energy costs creeping into other categories. Higher jet fuel costs are rising and airlines are raising prices to offset that expense, Axios' Courtenay Brown points out. Also not helping: Staffing shortages are making it hard for airlines to add routes to sate Americans' growing travel appetite.      2. Everything shock Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals Those who believed inflation peaked earlier this year woke up to a rude awakening today, Courtenay and Neil Irwin report. The bottom line: What the Fed will do after a summer of half-point hikes is no longer a mystery: Another half-percentage point interest rate hike in September now looks likely. Go deeper: Sign up for Axios Closer for more inflation analysis, today.     A message from Morgan Stanley 10 ways investors can drive positive change     For decades now, investors have seen how powerfully their decisions can drive impactful outcomes for people and the planet. Learn how you can align your capital with your vision for a better world and make a real impact with your investment dollars.     3. Catch up quick Forecast high temperatures for Saturday, June 11. Image: Pivotalweather/NWS There's "high" potential for heat-related illnesses from an unusually intense, early-season heat wave that is gripping areas from Texas to the entire Southwest, the National Weather Service warned. Go deeper. The U.S. is buying more monkeypox vaccine: It's adding 300,000 doses to its current stock of around 72,000. Go deeper. Former Fox News editor Chris Stirewalt, now with NewsNation, will testify at a Jan. 6 committee hearing next week. Stirewalt did not elaborate on what his testimony would be about. Go deeper. President Biden scrapped former President Trump's red, white and blue design for Air Force One after a review warned it would delay delivery and raise costs for new planes. Go deeper.     4. ⛳️ Parting shot Photo: Matthew Lewis/Getty Images   In St. Albans, England, Phil Mickelson tees off today on the fifth hole of the LIV Golf Invitational. The Saudi-backed breakaway circuit has shaken the sport to its core, with six-time major champion Phil Mickelson and former world No. 1 Dustin Johnson signing up. —Reuters     A message from Morgan Stanley 10 ways investors can drive positive change     For decades now, investors have seen how powerfully their decisions can drive impactful outcomes for people and the planet. Learn how you can align your capital with your vision for a better world and make a real impact with your investment dollars.   Like this email style and format? It's called Smart Brevity®. Over 200 orgs use it — in a tool called Axios HQ — to drive productivity with clearer workplace communications.   Axios thanks our partners for supporting our newsletters. If you're interested in advertising, learn more here. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Suite 1300, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: