Have U.S. Airlines Fixed Their Capacity Problems?

Also: American has a new credit card deal, Frontier's CEO goes off message, and the New York Times has a warning for loyalty executives.

Dear readers,

Today's newsletter is a mix of recent news from the U.S. airline industry, including how business is holding up surprisingly well this winter for a few U.S. carriers, and new details on American’s credit card deal. I also question why Frontier CEO Barry Biffle went off-message in an interview, and whether airline executives are deluding themselves about how much consumers love their frequent flyer programs.

Enjoy it. And when you're done, make sure to listen to this week's episode of The Air Show, my podcast with Brett Snyder and Jon Ostrower. We dared to question whether Delta is losing its mojo, which is the type of thing that can get a reporter banned from Atlanta (though I think I’m already persona non grata). I am also pretty sure that Brett questioned whether Ed Bastian deserves any credit for Delta’s robust profits, but you’ll have to judge that for yourself by listening to the show.

Now for a few things on my mind.