“The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” — Jerome H. Powell, 2024 Speech at “Reassessing the Effectiveness and Transmission of Monetary Policy The US Federal Reserve Chairman’s speech two weeks ago sent a strong signal that the US central bank will likely cut interest rates in the near future. As income investors, we are naturally concerned about the potential impact of rate cuts on our recurring dividends. Banks have benefited from rising interest rates in recent years, but the question remains as to whether they can sustain their dividends in a lower interest rate environment. Or perhaps it’s time to put some money in the beleaguered REITs sector as REITs are likely to benefit from lower interest rates going forward?...