YRC’s Zollars believes more rate cuts needed

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The leader of a North American trucking giant told the Reuters News Agency he welcomed the Federal Reserve’s move to slash interest rates Tuesday, Sept. 18, but questioned whether it would be enough to revive a faltering economy.

“It will probably stop the bleeding, but the question is whether it will provide the impetus the economy needs,” says Bill Zollars, chief executive officer of Overland Park, Kan.-based YRC Worldwide. “Unless we see a dramatic change, I believe we’re going to need more (interest rate) cuts.”

The Fed’s half-percentage-point cut of benchmark rates met the most aggressive expectations on Wall Street as U.S. business struggles with a housing slump, ebbing consumer confidence and turmoil in the debt and equity markets, Reuters reported.