The Globe and Mail reports in its Saturday, Sept. 13, edition that many observers are still expecting central banks to cut their key interest rates in the months ahead, which could put more emphasis on dividend-paying stocks. The Globe's David Berman writes that employment numbers have turned weaker, which has raised the odds of rate cuts. Ali Jaffery, a senior economist at Canadian Imperial Bank of Commerce, expects the Federal Reserve will cut its key rate this week and again in October, despite sticky inflation in August. Douglas Porter, chief economist at the Bank of Montreal, expects the Bank of Canada will cut its key rate three times through the start of 2026. However, the potential impact on dividend-paying stocks is murky. Not only are yields already low, but lofty price-to-earnings ratios suggest that stocks are fully valued based on expected profits. Canada's Big Six banks are trading near the top end of their 10-year valuation range, while dividend stalwarts such as Fortis and TC Energy are well above their 10-year averages, according to data from S&P Global Market Intelligence.