Governor and Senior Deputy Governor, thank you very much for your presentation and for your “Monetary Policy Report”.
I have read it. The document is always easy to read and understand, but I know that a lot of research and effort was needed in order to produce the report.
My questions are going to be about household debt in terms of interest rates and mortgage rates.
On page 18 of your Monetary Policy Report, you say: “The ratio of household debt to income has levelled off and is anticipated to edge down.” That is very desirable.
What will be the impact of interest rates on Canada's economic growth if, as anticipated, we continue to see a slight increase in the Bank of Canada's key interest rate?