Shippers watching their routing guides and budgets face a new reality in 2026: costs are climbing even as volumes lag. That’s according to the latest quarterly U.S. Bank Freight Payment Index – Rates Edition. The report, produced in collaboration with DAT Freight & Analytics, showed a freight market where pricing power is shifting toward carriers through capacity discipline rather than surging demand. Spot rates reached $2.01 per mile in February, rebounding from $1.65 in November 2025. Contract rates ti ...