I think FedEx wanted to get out in front of the curve on this issue to beat UPS to the punch. Having a 5.5% general rate increase, but reducing the fuel-surcharge index by 2% gives a 3.5%—net average rate increase. They wanted to get that out there first, because there is a huge disparity between UPS and FedEx in terms of fuel surcharges. FedEx is at 20% and UPS is at 12.5%.

Doug Caldwell

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