As widely expected, the U.S. Federal Reserve cut the federal funds rate by 25 basis points for a second time this year. This gives fixed income investors an opportunity to reposition their portfolios with intermediate bonds or reconsider active exposure if they don't have it already. The Fed has been uncharacteristically telegraphic in its interest policy decisions as of late. This accurately led the markets to believe that a rate cut was forthcoming. In the most recent iteration of its post-rate decision s ...