Months after ditching its open seating policy, Southwest Airlines is ending its most recognizable perk: Free checked baggage.

Southwest will begin charging for checked bags beginning May 28. However, members of its A-List loyalty program or those traveling on a business fare will be exempt.

Comments from Philadelphia Fed President Harker Thursday were negative for stocks when he said he’s concerned that the decline in price growth may not reach the Fed’s 2% target, citing “a lot of ...