EXHIBIT 15.1




December 19, 2000




FedEx Corporation
942 South Shady Grove Road
Memphis, Tennessee 38120

We are aware that FedEx Corporation will be incorporating by reference in its
previously filed Registration Statements No. 2-95720, 33-20138, 33-38041,
33-55055, 333-03443, 333-45037, 333-71065, 333-74701, 333-34934 and 333-51782
its Report on Form 10-Q for the quarter ended November 30, 2000, which
includes our report dated December 19, 2000 covering the unaudited interim
financial information contained therein. Pursuant to Regulation C of the
Securities Act of 1933, that report is not considered part of these
registration statements prepared or certified by our Firm or a report
prepared or certified by our Firm within the meaning of Sections 7 and 11 of
the Act.

                                                      Very truly yours,


                                                      /s/ Arthur Andersen LLP

                                                      Arthur Andersen LLP