New Chrysler chief calls for US rate cut

0 Comments | AFP, August, 2007

AUBURN HILLS, Michigan (AFP) — The new chief executive of Chrysler, Robert Nardelli, said Thursday he believed a cut in interest rates would help re-energize the sluggish US economy.

Nardelli, the former chairman of the Home Depot, who took over as Chrysler's CEO only last week, said he would have no problem endorsing an interest rate reduction by the US Federal Reserve in the wake of the troubles in the housing market, which have led to financial turmoil in markets around the world.

Nardelli is one of the first executives of a non-financial company to call for an adjustment in rates.

"I don't think it had a direct impact" on the car industry and consumers, he said of the turmoil in the markets.

"But it had a psychological impact," he said.

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