Core Insights - Overall freight demand is significantly lower year over year, with the Outbound Tender Volume Index (OTVI) down 11% and the SONAR Truckload Volume Index (STVI) down 3% [1][5]. Freight Demand Indicators - OTVI and STVI serve as key indicators of freight demand, with OTVI providing a broader measure while STVI focuses on consumer packaged goods and shorter-haul traffic, which are more stable sectors [1][2][3]. - Despite a slight increase in tender volume recently, overall freight demand remains disappointing [3]. Tender Rejection Rates - The nationwide tender rejection rate is currently at 6.49%, consistent with last year's levels, while the STVI tender rejection rate is at 7.35% [6]. - Tender rejection rates suggest a balanced market, with rates in the 6.5%-7.5% range indicating a potential equilibrium between supply and demand [6]. Spot Rates and Market Trends - Average spot rates have recently dipped below year-ago levels but showed a slight increase of $0.02 per mile, typical for this seasonal period [8]. - The average spot rate is expected to rise in the coming weeks due to seasonal tightness in trucking [9]. - Spot rates experienced volatility due to enforcement of immigration and labor laws, with a notable spike in October linked to increased enforcement actions [10][11].