The airline industry is heading into summer travel season under cloudy conditions. In this episode of J.P. Morgan’s Making Sense, Harry Gowers, lead analyst for European Airlines and Travel Retail stocks, and Jamie Baker, U.S. Airline and Aircraft Leasing Equity analyst, break down their expectations for the airline industry. Together, they discuss how geopolitics and fuel prices are affecting supply and demand, why low-cost carriers are finding success in some markets and not in others and what happens to pricing power if fuel prices ease.

This episode was recorded on May 29, 2026.

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