But freight rates remain red hot.
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Majestic sight: 292 Union Pacific engines idled in Arizona Desert.
Hope came unglued all over again.
Something has to give.
So that U-turn was fast, even for the legendarily cyclical trucking business.
This is a very cyclical business.
But no letup in freight rates yet.
Fueled by cheap money and by dashed hopes of high oil prices.
But ballooning inventories point at risks next year.
They’re a measure of the goods-based economy.