Since it's reporting 34 at the PSU it's kicking into Speed 2.
I don't think that's how the output is read. Speed 1 is up to 41C, so provided it doesn't go above this, it should remain in Speed 1. If it hits 41C or higher though, it goes into Speed 2. It only reverts back to Speed 1 if it then drops below 34C. If temps haven't been higher than 34C then it won't be in Speed 2.
Similarly, in Rule 1, it won't be triggering Speed 2 until measured temp is above 95C, so that doesn't seem to be the case. All indications based on that output are that the fans are in Speed 1. This matches my measurements; the Foxconn's operate at ~6.5k RPM in speed 1 in my 7250-24p. I assume that the Speed 1 duty cycle on the 48p is just a little higher.
@nl635 is the screenshot you posted when it seems to be "staying in speed 2"? because that doesn't seem like it is to me? unless as above, it exceeded 41C in the PSU area previously.