Furthermore, there are near-term headwinds with slowing economic growth, amid high inflation and rising interest rates, and a strengthening dollar, which is likely to weigh on the overall earnings for FedEx in the near term. That said, FDX stock may see higher levels if it reports upbeat Q3 results and raises its guidance for the full fiscal year. With inflation rising and the Fed raising interest rates, among other factors, FedEx stock has fallen 3% in the last twelve months.