Consumer spending is interesting. It increases demand, but in the absence of supply, in fact with a possible supply reduction that has occurred over the last year while supply chains have been downed, there could be faster growth in consumption than there is in production. We know that historically this has led to inflation. None of the experts believe that's going to happen, but the experts are often wrong. In 1978 there was high unemployment and high inflation at the same time, leading interest rates to move from 8% to 22% in 24 months, with no prediction of that from the experts and without the Bank of Canada ever anticipating it.
Is it possible that interest rates could rise faster than all of the experts are predicting, based on your knowledge of history?