Transportation & Logistics Weekly Fast Track: Rail Safety Act Gets Trump Bump, Launching Summer Expert Call Series

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Transportation & Logistics Weekly Fast Track: Rail Safety Act Gets Trump Bump, Launching Summer Expert Call Series

J P M O R G A N North America Equity Research

22 May 2026

Transportation & Logistics

Weekly Fast Track: Rail Safety Act Gets Trump Bump,

Launching Summer Expert Call Series

This weekly publication highlights current transports and logistics trends across a Airfreight & Surface Transportation /

wide range of truckload, intermodal, LTL, ocean, and airfreight market metrics. Shipping

The rail section also includes a report card that simplifies how the network is Brian P. Ossenbeck, CFA AC

performing relative to history and peers while also tracking carload trends versus (1-212) 622-1023

consensus expectations. brian.p.ossenbeck@jpmorgan.com

Grady Carr

Key topics of the week: Import update, retail earnings, expert call series. Some (1-212) 622-1251

grady.carr@jpmchase.com

retailers tempered expectations for the rest of the year now that tax refund tailwinds

Brandon Wexlerare easing and higher fuel costs remain persistent. Walmart cited uncertainty

(1-212) 622-1956

around tariffs and cost increases as headwinds for the U.S. consumer and creating brandon.wexler@jpmchase.com

significant uncertainty for the remainder of the year. On imports, this week (Week J.P. Morgan Securities LLC

20) imports were up +9.5% WoW (outperformance of +1,216bps) and up +14.7%

YoY. Imports thus far in 2H26 (Weeks 14-20) have outperformed normal

seasonality by a total of +1,200bps but are down -1.5% YoY, with YTD imports

currently down -3.1% YoY. Containership bookings from China to the U.S. were

down -5% WoW to +38% YoY and all bookings to the U.S. were down -5% WoW

to +9% YoY. Separately, we note that this week we rolled out the J.P. Morgan