"The chief financial officer and the general counsel share a common goal of protecting the company from legal and regulatory issues."

Powell's remarks indicate that any reductions in 2024 may come relatively late in the year, if at all.

"With the increase in yields, U.S. corporate bonds [are] more attractive versus European corporate bonds for all tenor points and all currencies, for the first time this cycle."

The DOL's latest iteration, proposed in 2023 and soon to become final, will ensure that investment advisers prioritize clients' best interests when recommending investments.