IGR benefits from interest rate cuts only if demand for its shares and the value of the companies its holding goes up. With the markets being as weary as they are - this is just not the case this time - providing you with next to awesome entry points as a long-term investor.
It is all good, and I wish we would go down even further.
Which interest rates are you referring to? In my part of the planet, the Fed lowered their rate to banks but the banks just kept it and actually raised their lending rates to their customers. Thus making it a windfall for bank profits but nothing to juice the economy.