“This is all about the Fed. A very strong jobs report like we had puts pressure on the Fed to tighten for longer,” said Adam Sarhan, chief executive of 50 Park Investments. “The market is scared the Fed is going to overshoot again. If they tighten too sharply and too long, that’s going to cause a hard landing, a deep recession.”
IndiGo profit falls on higher cost on older planes
The airline was forced to induct older planes due to grounding led by issues of Pratt & Whitney engines