Federal Grants Awarded to Improve Freight Rail and Multimodal Traffic Flows

Expanding local freight rail networks and facilitating multimodal access were among the goals of several projects that have been awarded competitive federal grants from the U.S. Department of Transportation (DOT). The DOT awarded $1 billion overall to 77 projects in 44 states under the Better Utilizing Investments to Leverage Development (BUILD) transportation discretionary grants program.

Fed Sees Rates Near Zero Through 2023 to Boost Jobs, Prices

Federal Reserve officials held interest rates near zero and signaled they would stay there for at least three years, vowing to delay tightening until the U.S. gets back to maximum employment and 2% inflation. The U.S. central bank "expects to maintain an accommodative stance" until those outcomes are achieved, it said in a statement Wednesday following a two-day meeting that beefed up its description of future policy.

U.S. Homebuilder Confidence Hits Record High in September

U.S. single-family homebuilder confidence increased to a record high in September as historically low mortgage rates continue to boost the housing market despite the COVID-19 recession, which has left tens of millions of Americans unemployed. The NAHB/Wells Fargo Housing Market Index (HMI) rose five points to an all-time high of 83 this month, data showed on Wednesday.

U.S. Manufacturing Recovery is Proceeding Nicely

It's not apparent from the overall numbers, but the most important takeaway from this morning's monthly Federal Reserve report on U.S. manufacturing production is that American industry has continued a steady comeback from the ravages of the coronavirus and the government-induced shutdown of much of the U.S. economy.

USW Decries Continued Job Loss to Mexico

United Steelworkers International President Tom Conway issued the following statement in response to last week's announcement that FreightCar America will be abandoning its plant in Cherokee, Ala., and consolidating operations in Castaños, Mexico: "The recent announcement that FreightCar America will be closing its Alabama facility and shifting its production to Mexico is further proof that we have not effectively reversed the trend of sending American jobs abroad."

Alstom Cuts Offer for Bombardier's Rail Unit by $350 Million in Firmed-up Deal

French train maker Alstom said on Wednesday it has lowered its offer to acquire Bombardier Inc's rail business by $350 million, but the two still expect to close the deal to create the world's second-largest rail company earlier than expected.

First Six-Axle Hopper Car Order in Russia

United Wagon Company will manufacture and deliver a fleet of innovative six-axle hopper car to Acron Group, a Russian mineral fertiliser producer which is the first company to such freight wagons for shipping its products. The six-axle hopper car efficiently combines articulated structure and hopper boxes located in the lower end parts of the car body.