What happened FedEx (NYSE: FDX) is out with a grim warning about the economy and dramatically scaled back expectations for its current fiscal year. But more recently macro conditions have turned against these companies: Soaring inflation and a fall-off in demand in certain parts of the world have led some to worry that earnings are set to decline in the quarters to come. But it is important to note that UPS reiterated guidance for the current quarter earlier this week, which would suggest management is not seeing a dramatic dropoff in demand.