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In dramatic statements that suggest room for substantial further cuts in interest rates, Federal Reserve Chairman Alan Greenspan said Thursday that U.S. economic growth may have stalled out.

That is a confirmation of what truck companies have been saying, but since Greenspan can take actions to eventually spur U.S. freight traffic and immediately cut operating costs for debt service, his remarks have strong implications for carriers’ bottom line.

The Fed chief told the Senate Budget Committee that growth is “probably very close to zero” right now, news services reported. While he also said he considers a U.S. recession unlikely, he conceded that the economy has slowed sharply.

And he reversed his previous views to say he now embraces the idea of tax cuts, which could help the economy recover sooner if the unexpected recession does take hold.

The rule of thumb is that it takes two consecutives quarter of economic contraction to count as a recession. With Greenspan saying growth has already stopped in its tracks, the question now becomes how long this stall-out or downturn will last.

Financial markets and many business officials have been looking for Greenspan’s Fed to cut interest rates another half-point – in addition to a first half-point cut the Fed made on Jan. 3 – when the top Fed policymakers huddle next week. Thursday’s testimony did little to change that outlook.

In addition, two economic reports on Thursday may make such an outcome a bit more likely. A real estate trade group said sales of existing homes fell a sharp 7.4% last month, and the Labor Department said its employment cost index for the fourth quarter showed milder inflation pressures from wages and benefits.

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