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Top prosecutors in D.C., Minneapolis leave amid turmoil over shooting probe The Washington PostSix Prosecutors Quit Over DOJ Push to Investigate Renee Good's Widow The New York TimesJoe Thompson, Minnesota's top federal fraud prosecutor, quits over ICE shooting probe MPR NewsAt least 6 Minnesota federal prosecutors resign amid pressure to treat Renee Good killing as assault on ICE agent CBS News
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Saks' CEO Baker to Exit Luxury Retailer Ahead of Bankruptcy Bloomberg.comSaks Global files for bankruptcy after Neiman Marcus takeover leads to financial collapse ReutersSaks Global Files for Bankruptcy, Undone by Debt and a Luxury Slump The Wall Street JournalSaks Files for Bankruptcy as Department Stores Fight for Survival The New York Times
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‘Like a Military Occupation': Clashes Rise With Federal Agents in Minneapolis The New York TimesMinneapolis ICE shooting: Protests, walkouts, State leaders suing Trump FOX 9 Minneapolis-St. PaulMinnesota protesters, agents repeatedly square off while prosecutors quit after Renee Good's death AP NewsHomeland Security's presence in Minnesota dwarf Twin Cities' largest police forces Star Tribune
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Wall Street executives warn Trump: Stop attacking the Fed and credit card industry AP NewsThe biggest hurdle to Trump's credit card proposals? His own party. PoliticoBanks warn consumers will be hurt by Trump's 10% cap on credit card interest rates ReutersJPMorgan Chase says banks could fight Trump credit card rate cap: 'Everything's on the table' CNBC
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Committee chair warns the decision risks undermining Washington's strategic advantage over Beijing in cutting-edge AI
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After two years of shipping delays and rising delivery costs, relief is in sight. By the end of the year, a marked improvement will be seen compared with a year ago.
The numbers of new drivers and trucks have picked up, easing constraints, though chassis shortages will likely continue into 2023. Spot market rates for trucks, excluding fuel surcharges, have dropped 30% from their peak earlier this year. They should decline a bit more, ending 2023 about 5% above their prepandemic level, according to Avery Vise, Vice President of Trucking at FTR Transportation Intelligence. Contract rates are typically slower to respond, and should ease to 17% above their prepandemic level by the end of 2023. Also, diesel prices are still 65% above prepandemic, so fuel surcharges will continue to be higher than normal. However, if a recession happens next year, then both volumes and rates will tumble.
SEE MORE 5 Stocks Making the Most of Supply-Chain Issues
Congestion at East Coast ports should ease in the next few months as a new labor contract is likely to be signed for West Coast dockworkers, allowing more vessels to return to using West Coast ports. Ship traffic from Asia is easing as 70% of retailers shipped early this year ahead of the holiday season, after getting burned last year, according to Ken Hoexter, a managing director at Bank of America. Ocean freight rates from China to the West Coast have fallen to $3,900 per 40-foot container, though that is still $2,500 more than the prepandemic average.
Rail freight is the problem child, according to Todd Tranausky, vice president of rail & intermodal at FTR. Freight has been moving at slower than normal speeds this year because of crew staffing shortages. Prior to the pandemic, the railroads embarked on a cost-cutting and labor-saving spree, reducing the wor
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