Bloomberg Milton Friedman put a nail in the coffin of the original version of the Phillips Curve 50 years ago when he correctly foresaw that the US could simultaneously suffer from high unemployment and lofty inflation. A growing number of economists are now trying to lay to rest Phillips Curve 2.0, still in use at the Federal Reserve and other ...

Bloomberg Travellers from around the world faced more chaos after flooding at New York’s John F. Kennedy International Airport caused fresh flight delays and diversions amid operations already strained by a snowstorm and freezing temperatures. The meltdown, two days after the year’s first major snowstorm, left passengers to deal with long lines to rebook cancelled flights and to search through ...

Bloomberg Chinese airline shares surged after the government gave airlines more freedom to set fares for domestic flights, easing state control over prices. China removed the caps on full fares and airlines can decide on prices for routes as long as they are served by at least five carriers, according to a joint statement by the Civil Aviation Administration of ...