Issue Summary

The first quarter of 2016 is shaping up to be another highly profitable one for U.S. airlines, underpinned by still-falling fuel prices and an economy held aloft by strong consumer spending, itself underpinned by cheaper energy, a strong job market and a stable housing market. Carriers can’t help but be spooked, however, by the start of the year’s big stock market losses, tightening financial markets, fears of a Zika epidemic, worries about the oil bust infecting the banking sector and—yes—growing talk of recession. Time will tell what the rest of 2016 will bring, but for airlines, the year certainly started…