EXHIBIT 15.1



April 9, 2001




Federal Express Corporation
3610 Hacks Cross Road
Memphis, TN  38125

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 February 28, 2001, which
includes our report dated March 19, 2001 covering the unaudited interim
financial information contained therein. Pursuant to Regulation C of the
Securities Act of 1933, that report is not considered a 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. It
should be noted that we have not performed any procedures subsequent to March
19, 2001.



                                             Very truly yours,


                                             /s/ Arthur Andersen LLP

                                             Arthur Andersen LLP