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Strangely enough, tender volumes are abiding by seasonal trends. The first quarter of 2022 was unusually active as shippers tried to get ahead of disruptions to capacity, which historically tightens in the spring.
Volumes have continued their recovery from the winter holiday season with a surge in pent-up freight demand unleashed into the market. Naturally, since last week’s data was affected by holiday noise, the Outbound Tender Volume Index (OTVI) faces some absurdly easy comps on a weekly basis. Even still, accepted tender volumes remain below their levels of 2021 and ’22 for the time being.
How long until the Fed follows in the BoE footsteps and re-enters the market, using “crisis mode” as the excuse?
On Thursday the Fed raised rates by another 75bps and reiterated its commitment to Quantitative Tightening. Over the last two months, the balance sheet has fallen by $25B vs.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero