Summary
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A decade-high truck-to-rail shift is underway as FMCSA's February non-domiciled CDL rule and elevated diesel (with Hormuz closed) shrink the driver pool and widen the truck-rail cost gap. U.S. intermodal rose 3.8% through 32 weeks to over 9 million units (BNSF +9.5%, CSX +8.3% in Q2), while the STB's 4 September party-of-record deadline keeps the $85bn UP-NS merger clock running.