It makes sense in a very simple way. The problem is that it's very hard to change supply in the short term. It takes years of investment, for example, to build more housing or to find more oil and gas. Some of these projects in the energy sector take 10 years. It's not like you can just snap your fingers and bingo, there's more supply of energy or housing tomorrow.
That's why in the very short term—because people are suffering in the short term—the Bank of Canada's number one tool is reducing demand. It can do that very quickly and efficiently, through higher interest rates.
I would also mention in passing that, to the degree we don't get follow-up from governments, when governments try to fight what the Bank of Canada is doing and increase transfer payments and send cheques to people—quite understandably as they are trying to help people—there doesn't seem to be an awareness that this actually just makes the Bank of Canada's job more difficult. If the Bank of Canada is left alone to fight inflation, then it's going to have to act more aggressively. That's going to impact people, and debtors in particular.