Do you see the arrow?

I've seen this logo a thousand times, and not once until now when it was pointed out to me (thanks Tanner!) did I notice the arrow between the E and the X.

It's right there, staring me in the face, but I've never noticed it. What does it mean? Why is it important?

The arrow is clearly a symbol for movement, direction, evolution - which are all things that FedEx is trying to embolden. Is it a coincidence or did they pick that font and colors specifically so that once you've discovered the arrow, you can't help but notice it?

Does it make me feel more confident in their company to know that they're thinking about the progressive qualities of an arrow? Maybe, but if I had to guess I bet somebody over there in their marketing department considered it.

What else aren't we seeing?

Interview with the Logo Creator