Forget the "Fed put." These days, it's starting to seem like the Federal Reserve has been working on a new derivative: the Fed call. That's according to Doug Ramsey, chief investment officer and portfolio manager at the Leuthold Group.

Rising US debt and economic headwinds suggest that further rate cuts may not effectively lower Treasury rates or other loan rates. Read my analysis here.

The S&P 500 and the Dow edged higher on Wednesday after in-line consumer price inflation data kept the U.S. Federal Reserve on track to deliver another interest rate cut in December. The consumer price index rose 0.