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In a bid to combat inflation and fast price gains, the Federal Reserve raised interest rates this June by 75 basis-points. Chair Jerome Powell also indicated the likelihood of another large increase in July. Is the economy well-positioned to deal with higher interest rates while still recovering from the pandemic? For the industry, the American Trucking Associations’ Truck Tonnage Index showed a 3.7% increase in May compared to this time last year and the ninth consecutive year-over-year gain. Does this indicate that the market is transitioning back to pre-pandemic levels of contract freight over spot-market freight? While consumer spending and demand remain steady, is there concern that uncertainties abroad pose a risk to the supply chain and our economic future? ATA Chief Economist Bob Costello joins Dan Ronan to discuss the outlook for the industry and for the U.S. economy overall.
