Freight Rates Rebalance as Spot Prices Catch Up to Contracts
Event summary
- Spot truck freight rates rose to $2.01 per mile in February 2026, up from $1.65 in November 2025.
- Contract rates increased modestly to $2.12 per mile in February 2026, from $2.02 in November 2025.
- The gap between spot and contract rates narrowed from $0.39 to $0.11 per mile, indicating market rebalancing.
- U.S. Bank processes over $46 billion in freight payments annually through its Freight Payment service.
The big picture
The modest uptick in freight rates and narrowing gap between spot and contract pricing signal a rebalancing market. This shift could impact shipper margins and carrier negotiations, particularly as U.S. Bank and DAT Freight & Analytics provide critical data for decision-making. The trend reflects broader industry adjustments following recent volatility.
What we're watching
- Pricing Stability
- Whether the narrowing gap between spot and contract rates will stabilize or reverse in coming quarters.
- Market Rebalancing
- The pace at which freight markets fully rebalance after recent volatility.
- Shipper Margins
- How shippers will adjust to reduced pricing flexibility as spot rates align with contract rates.