FedEx, in fiscal Q1, announced its plans to reduce costs, including shutting down some of its offices, cutting its flight frequencies, and canceling some of its network capacity projects, among other actions. Furthermore, there are near-term headwinds with fears of a recession in 2023, high inflation, rising interest rates, and a strengthening dollar, which is likely to weigh on the overall earnings for FedEx in the near term. With inflation rising and the Fed raising interest rates, among other factors, FedEx stock has fallen 3% in the last twelve months.