Certainly what people observe, and they've been observing for a very long time, is that the interest rates in Canada are highly correlated with interest rates in the U.S., especially the longer term those interest rates are, for example, the five-year rate, on which a lot of mortgage rates are based. As the Federal Reserve starts to tighten interest rates, we're going to quite naturally import some of that rise. In fact, we have seen that. It's not a large amount, but over the last six months it's been noted.
Whether or not that's translated into mortgage rates is a question for the financial institutions that set them. They've taken a little out of their margins rather than increase rates.
We have an independent monetary policy, and we set our interest rates commensurate with what we think we need to have to achieve our inflation target. If we're at a different point in the cycle, which we are right now, our interest rate paths are going to be different. We do take that into account when we do our projections. Where the curve says the interest rates are and where we think U.S. growth is, is what we feed into our forecast.