I'd add one comment to that. We lived for 10 years or more with basically free money. That distorted the economy beyond belief. It was cheaper to just buy property than to invest in risky assets. We got this huge property market and these asset price bubbles, which is one reason we're now facing households with debt. The reality is that money is now costly, and I think households and businesses have not wrapped their heads around how to react to this change.
On October 5th, 2023. See this statement in context.