[Institution: Fed Rate Cuts May Have Delayed Boost to Economy] According to a report by Jinse Finance, Joe Brusuelas, an economist at the insurance, tax, and consulting firm RSM, stated that the current round of Federal Reserve rate cuts may have a more limited stimulative effect on the economy compared to previous instances. Since most homeowners had previously locked in mortgage rates far below current levels, mortgage rates would need to drop significantly further to meaningfully improve household finances through refinancing. Corporate balance sheets are already in healthy condition, and the marginal effect of lower financing costs incentivizing businesses to take on risks is diminishing. Brusuelas also emphasized that against the backdrop of tightened immigration policies, businesses may face hiring challenges even if they intend to expand: 'These factors collectively result in a longer lag for rate cut policies to transmit to the real economy compared to historical experiences.' (Jin10)