Exhibit 15.1

                     [LETTERHEAD OF ARTHUR ANDERSEN LLP]


February 6, 2001

FedEx Corporation
942 South Shady Grove Road
Memphis, Tennessee 38120




Ladies and Gentlemen:

We are aware that FedEx Corporation has incorporated by reference in this Form
S-4 Registration Statement its Form 10-Qs for the quarters ended August 31, 2000
and November 30, 2000, which include our reports dated September 18, 2000, and
December 19, 2000, respectively, covering the unaudited interim financial
information contained therein. Pursuant to Regulation C of the Securities Act of
1933, those reports are not considered a part of this Registration Statement
prepared or certified by our firm or reports prepared or certified by our firm
within the meaning of Sections 7 and 11 of the Act.


Very truly yours,

/s/ Arthur Andersen LLP