The end of the first quarter will be characterized as a freight frenzy in which volumes surged 30% and capacity quickly tightened to the tune of OTRI nearly reaching 20%. To start Q2, volumes are well below "normal levels" and capacity is extremely loose. Unfortunately, we do not feel we
Leading indicators are flashing red.
We game out best, base, and worst cases for the U.S. macroeconomy, financial markets, and freight markets.
Infections jumped 1,300% since our January 27 note.
Our first warning about coronavirus risks to international trade and supply chains.