I wouldn't say there are any alarm bells, although it is a key risk to the economy, especially in the household sector. It's more, I think, from the perspective of, yes, household vulnerabilities, but our ability to smooth consumption in the face of what could be the next economic shock. Obviously, households have more debt. They're probably a little bit more interest rate sensitive and less willing to take on debt. An instrument like the Bank of Canada's policy rate is probably a little bit less effective when you look forward to what could be the next economic shock.
Likewise from the corporate sector, we have a non-financial corporate sector and a financial corporate sector that are increasingly indebted. I don't know that there's necessarily the optimal steady-state level of debt. It seems that it's being redefined every year as we go forward in the global economy. That said, these corporations are also very interest rate sensitive. We're very mindful, in any sort of backup in rates or some sort of increase in the corporate debt spread, of our ability, Canadian corporations' ability, to take on more debt or to smooth out their consumption and investment patterns. It's something we're mindful of, and it's always on our roster of risks, but we try to manage those in balance.