Fed is on pause for sometime, however, the soft numbers are getting softer, 
, may prompt Fed to consider cut the rates in May meeting.
I have recently bought WFC.PR.C, this has fixed coupon, of 4.375% and trading at $18, yielding 6.07%. I prefer fixed coupon so there are no surprises with rates resetting. Also, I like low coupons, because the chances of the security getting called is low, if it gets called then you are getting almost 40% capital gains.
Slowing economy and slowing inflation would suggest reducing interest rates. But now we have experts who think tariffs will increase inflation and result in stagflation. Paul Volkers solution to stagflation was very high interest rates as high as 20%.
Looks like a coin toss for now. Might be June before we know.
May be… How much, we don’t know. Fed is most likely start cutting the rates, and will front load the cutting. Separately, I am okay to settle with 6% return. I still think at 6%, at least you get 2% real return.
Congratulations on your anniversary. Many happy returns.