Majestic sight: 292 Union Pacific engines idled in Arizona Desert.
Worst March, worst first quarter since 2010.
Relentless deterioration meets stunning overcapacity.
Rail freight volume plunges to 2007 levels.
The next stage of “Moral Hazard?”
Hope came unglued all over again.
“Consumers just don’t seem to be showing up….”
The goods-based economy swoons.
Bad breath of zero-interest-rate era wafts over real economy.
Slack demand and sudden overcapacity.