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The controversy — and CBS’ upcoming cancellation of Colbert — has focused new attention on the cultural clout of late night hosts, despite the industry’s falling ratings.

The article suggests that the favorable tailwinds that drove those high historical returns, such as declining interest rates and a steady expansion of valuation multiples, have largely played out.

It is the inevitable result of the growing national debt and higher interest rates.

Traders in financial markets see a 96% probability of a rate cut this month.

John Williams, president of the Federal Reserve Bank of New York, told The New York Times that he is in favor of more interest rate cuts.