I think it's better to start the story with why we reduced interest rates in 2015. We did so because the economy was hit by a very significant negative shock, which was the fall in oil prices. As I mentioned earlier, it had the effect of taking $60 billion a year of income out of our economy. It was a very significant shock, so the adjustments to that would mean cutting back on investment and cutting back on consumption spending in the affected areas in particular. By cutting interest rates, we were able to smooth out that process. It didn't make it that much easier for folks in Newfoundland and Labrador or Saskatchewan or Alberta, but it did make the rest of the economy adjust more quickly. The exchange rate fell more than otherwise would have been the case, and speeded up export growth in other sectors, and so on. That's the full story.
The next question is, why would you raise interest rates? We raise interest rates because the adjustment that was going on in the macro space is complete, not in every region but macro. We did that because we would have undershot our inflation target significantly had we not reacted. By cutting rates, we were able to project that inflation would be back to our target, by some time in 2018. If we did not move interest rates back to a more normal level, then we'd be at higher risk of exceeding our target.