That's because the official Consumer Price Index (CPI) report showed higher-than-expected core inflation, and the University of Michigan survey showed inflation expectations over the next five years ticking up, possibly becoming "un-tethered" to the long-run targets set by the Federal Reserve. Earlier this week, Citi analyst Stephen Trent published a note saying the sell-off in airlines had gone too far, reflecting fears over a 2008-to-2009-type financial downturn. On that note, the union representing United Airlines pilots approved a new contract negotiation today, settling on a 14% pay raise.