Talk Track by Telegraph

The Surface Transportation Board hit the industry with a surprise May 28th when it suddenly came in with a ruling on the UPNS merger application. In our latest Talk Track episode, Harris + David start unpacking what the filing actually says + how the STB is currently looking like the winner in all this. They cover the Board’s pretty pointed request for more competitive data, what the further heari...

The revised merger filing between Union Pacific + Norfolk Southern has landed on + it grew from roughly 6,800 pages to over 7,000. But do more words on paper actually mean more clarity? On this episode of Talk Track , Harris + David dig into what's really in the updated submission, what's noticeably absent, + whether any of it changes the fundamental calculus around approval. From regula...

The forecast is calling for grain, grain, grain…with a slight chance of geopolitical disruption + a 40% probability that everything changes again before next week. In Cloudy with a Chance of Carloads , Harris + David return with Telegraph’s Q2 2026 Market Consist . As we head into summer, they break down what they are seeing in data - mostly that grain carloads are looking really strong, chemical...

When conflict half a world away closes the Strait of Hormuz + sends West Texas Intermediate (WTI) crude past $100 a barrel, the ripple effects don't just stay in the Middle East, they also show up on American railroads. In "Crude Intentions," Harris + David connect the dots between the escalating energy crisis + what it actually means for shippers, equipment owners, + Class I operat...

In this episode of “Talk Track”, David sits down with Larry Gross - a 46-year rail industry veteran, award-winning “intermodalist,” + long-time market analyst - to tackle the tough question: does US intermodal have a long-term growth problem? Larry breaks down the data behind his viewpoint - comparing intermodal’s 10-year performance to GDP, import TEUs, + long-haul truckload. He also explains why...

In “A Series of Uncertain Events”, Harris + David break down the “Telegraph Market Consist”  for 1H 2026 + what the next three to six months may hold for freight rail. The outlook is…murky, with carload volumes projected to dip 3–5% + intermodal 5–6%. The bright side? This all potentially ripens the conditions for what looks like a shipper’s market. They unpack the forces behind those lower volume...

The merger saga just took a dramatic turn. In “The STB Strikes Back”, Harris + David are breaking down the STB’s decision to reject the UP-NS application, as well as what that could signal for the future of the potential transcontinental railroad.  After months of speculation by everyone from competitors to customers, we have finally seen some actual regulator input + that alone has brought a bit...

The proposed Union Pacific + Norfolk Southern merger has been framed as a means of establishing more competition among railroads, but is this message supported by the math? In “The Importance of Being Competitive”, David is joined by guest host Dr. Jason Miller, a professor of Supply Chain Management at the Broad College of Business at Michigan State University, to help break down the logic behind...

Telegraph’s first-ever Market Consist is here and Harris + David are pulling back the curtain on what the data really tells us about the state of freight rail. From intermodal’s potential slowdown and Chicago hub velocity to the role of USMCA in protecting critical cross-border flows, they dig into where the industry stands and where it’s headed. Is the growth runway for intermodal as wide as many...

BNSF + CSX made waves by announcing a new coast-to-coast intermodal service designed to strengthen east to west connectivity - a timely counterpoint to the proposed UP + NS merger. In “Pride + Intermodal”, Harris + David discuss whether this is the start of a second mega-merger conversation (spoiler alert: Uncle Warren has indicated it’s not), and if this move could complicate things for UP + NS w...

It’s the story currently dominating industry news: the pending merger between Union Pacific + Norfolk Southern. Beyond the headlines, this merger raises big questions about operational integration, cultural fit, + what it means for rail competition. In this first episode of Talk Track , Harris + David draw on their respective railroad experience to unpack what this merger could mean for shippers,...