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Trucking Rates Hit Record in Ominous Inflation Sign

US
  • In a latest sign of rising cost inflation, Bloomberg reports that "the cost of transporting goods via refrigerated rigs soared last week to the highest in records going back more than two decades after new vaccine mandates for truckers crossing the U.S.-Canada border".
  • "The rules, which went into effect earlier this month, have disrupted shipments and exacerbated driver shortages, prompting freight haulers to hike their rates even further".
  • A weekly moving average of rates has spiked more than 20% this month.
  • Despite similar stories and record highs in forward-looking components of various business survey, increasingly large rate hikes being priced in have dampened long-term inflation expectations. The 10Y breakeven is almost 13bps lower than the start of the year at 2.47%.
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