I have, in the past, been bullish on both FDX and their main competitor UPS (UPS), but conditions in the industry are changing. In fact, if you look atglobal marketconditions now as compared to back in October when Janet Yellen cited them as a reason not to raise rates, it is hard to justify the move. Either it was, as I said, to save face and retain credibility, or it was because the Fed is aware that the Zero Interest Rate Policy (ZIRP) is in danger of causing asset inflation, resulting in stocks being over-valued.