I want to question you about that sensitivity.
There are many factors that affect the level at which you set the interest rate and that therefore affect commercial lending. One concern we've had is about the ability to move money through the economy in reinvestment. I sympathize with the comments from the chair with respect to there being uncertainty.
If these factors are staying your hand, this de-leveraging threat that Canadians owe a lot of money—the personal debt rates and household rates—there would be a shock to the system if the bank were to raise rates right now, just because of those two factors, personal indebtedness and the mortgage rates that people are paying right now. Is that a fair comment to make?