Intermodal rates have trended downward over the past year mostly due to a slide in truck rates. We believe that the coronavirus is still a threat going forward to rising rates. U.S. Class I intermodal volumes decreased 8.8% in week 6, considerably weaker than last week’s increase of 5.2% and the four-week average of -4.9%. Intermodal capacity remains loose with intermodal outbound tender rejection levels at 1.5%.

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