“The Freightos Baltic Daily Index (FBX) spot assessment for the Asia-North America West Coast lane has fallen 16% over the past month, to $1,712 per forty-foot equivalent unit as of Thursday. The FBX Asia-North America East Coast assessment is down 13% over the past month, to $2,662 per FEU.”

Analyst Comment: Ocean freight rate declines are a good early indicator of demand declines. If trend holds, inflation should cool, but it means recession is probably coming soon.