The thing I would add is that what strikes me most when I look at the current economic environment is the very strong upward pressure we're seeing on longer-term interest rates here and in the U.S. That's an acknowledgement by investors that inflation and interest rates are going to be higher for longer. We've seen the stock market back off as a result, and we're seeing cracks in demand in housing in Canada and the U.S., but I don't think people have realized yet the scale of what we're going through.
We're ending a period of well over 10 years of low interest rates—almost free money—and we're returning to a world of more normal interest rates. That's going to be a shock. I think there are a lot of business models out there that were based on the assumption that interest rates would stay low for a long time, and I think there's going to be a lot of fallout from this new regime. One obvious place, for example, would be commercial real estate. Coming out of the pandemic, we see vacancy rates of 50% in downtowns. A lot of money, particularly in the private sector, went into investing and borrowing at low rates. They invested in these buildings, and it's going to be difficult to make money in these investments.