At least fourteen representatives of the Federal Reserve (Board members or Fed Presidents) gave speeches last week, with several of them giving multiple speeches. Only one speech was really noteworthy: Federal Reserve Chairman Powell’s speech on Thursday, in which he essentially reiterated that all options remain on the table for the Fed over the next few months (did we ever think otherwise?), but also seemed to lower the likelihood of a rate hike at the FOMC meeting on November 1. The recent barrage of Fed communication indicates policymakers’ focus is shifting from “how high” to raise the policy rate to “how long” to maintain it at restrictive levels. We believe the Fed tightening cycle is close to complete. However, we do not foresee massive rate cuts for the next several months in the absence of something breaking in the U.S. financial system, sudden material recessionary slowdown or substantial geopolitical escalations. On the wealth planning front, we discuss if you should un-retire.