EXHIBIT 15.1






December 19, 2000




Federal Express Corporation
2005 Corporate Avenue
Memphis, Tennessee 38132

We are aware that Federal Express Corporation will be incorporating by
reference in its previously filed Registration Statements No. 333-80001,
333-74701 and 333-39006 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