Rising US debt and economic headwinds suggest that further rate cuts may not effectively lower Treasury rates or other loan rates. Read my analysis here.

Markets were muted ahead of an afternoon speech by Powell. Investors were right to be guarded, since he leaned more hawkish than in recent months, saying the central bank does not need to rush to lower rates and can carefully deliberate over the solid economy and job market and inflation that has yet to come back down to its 2% target.

Analysis of Flaherty & CrumrineTotal Return Fund: low yield, inconsistent performance, uncertain future, safe distribution, high expenses. Click for my FLC update.

The US Federal Reserve's latest rate cut follows its September decision, aligning with the central bank's projection for two more reductions by year-end.

Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s

"The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said Thursday in Dallas.

Federal Reserve Chair Jerome Powell said Thursday that the economy is in a good place, with inflation on a sustainable path back to the central bank’s 2% target, and that he expects inflation to continue to come down on a “sometimes bumpy” path.