Intermodal markets: Grinding upward

Intermodal volumes continue to improve, down 10.6% year-over-year but beating the trailing four-week average as they have in prior weeks. But keep in mind that 2019 was a weak year for freight markets and a soft year for intermodal volumes: The mode is well into a multiyear volume decline that will likely only be reversed by a significant inflection in trucking markets. All of that adds up to a very weak Q2 for intermodal marketing companies and their railroad partners.

We view rising tensions...

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