“On top of the macro pressures, lower coal demand and some lost international intermodal business are expected to negatively impact our volume.”

In context

“rojects that expand our intermodal footprint and support business development in targeted high-growth areas such as Inland Empire, Kansas City and Phoenix to name a few. So with that, I'll turn it back to Jennifer to lay out our initial financial thoughts for 2024. Jennifer Hamann: Thanks, Eric. Turning to Slide 17. Let me start by pointing out that we added a new appendix slide that contains several of the 2024 modeling assumptions that should be helpful to everyone in framing our current expectations. As you heard from Kenny, it's a difficult market to forecast, as economic indicators show a muted and uncertain economy. Throwing a couple of other variables such as what the Fed might or might not do with interest rates and a presidential election, and we've got an interesting year ahead. On top of the macro pressures, lower coal demand and some lost international intermodal business are expected to negatively impact our volume. And as you've seen in the weekly carload data, January is off to a slow start as cold temperatures across our system impacted operations and volume with first quarter volume down 9% year-to-date. I am confident, however, that our strong and improving service product will allow us to capture available demand. We clearly demonstrated that in the fourth quarter as we took advantage of the unexpected but short-term surge in intermodal. More certain than the economy is our expectation to generate pricing dollars in excess of inflation dollars even with ongoing headwinds from certain intermodal contracts. With those pressures, we do not expect price to be accretive to margins in this year. Key for UP in 2024 is our ability to control the controllables by driving a strong safety culture, making”