Harris + David break down the Fourth Edition of the Telegraph Market Consist, out now. What’s inside? Q2 carload volumes came in up 6% against our own forecast of down 5%, so the conversation starts with what the model missed, why chemicals flipped from down 11% last quarter to up 9% this quarter, + what the “Washington Hat Trick” thesis means for the rest of the year.
They also get into what shippers should be thinking about for the upcoming bid season. Namely that every Class I signalled the same thing to investors on their Q2 calls, which we are reading as a 2% to 5% increase across the board this fall. Plus: roughly 35% of the US tank car fleet are out-of-compliance DOT-111s, which comes just as Congress weighs pulling the phase-out forward to December 2028 + subsidising telematics on those same cars.
Download the Q3 2026 Market Consist to follow along with the conversation.
Talk Track, hosted by Harris Ligon + David Correll of Telegraph™, is a spin-off series dedicated to timely rail industry news. From service shakeups to technology breakthroughs, each episode delivers a behind-the-scenes perspective on all the happenings shaping the future of freight rail.
Harris + David will bring their decades of rail experience to help them parse through the latest industry headlines, evolving regulations, + the long-term forecasts for how railroads move freight across North America. Find us at telegraph.io/insights, Apple Podcasts, Spotify, or wherever you listen to your favorite podcasts.