MischlerFinancialGroup fixed income managing director Glen Capelo said that the Federal Reserve's 25 basis point cut in interest rates is likely to lead to a sell-off in U.S. Treasuries, but much depends on Powell's press conference. Michael Rosen, managing partner and chief investment officer of AngelesInvestments, believes that the current bond market is pricing in the pace of Fed rate cuts too aggressively. The market expects the Federal Reserve to cut interest rates by 250 basis points next year, which is only possible in a recession. Therefore, he believes that the decline in short-term Treasury yields will be lower than market expectations, while long-term yields may even rise from now on. (Golden Ten)