Governor, I have to break in here.
I quote from last week's press conference: “...the U.S. deficit means...a lot more bonds being issued...[meaning] increased supply has to be absorbed, [and that] push[es] prices up a bit.”
The U.S. is borrowing $2 trillion this year. Canada is borrowing $421 billion. That's a record, and no one is talking about that having been a contributing factor to interest rates.
Ms. Rogers, could you mention whether you believe government borrowing is a factor in causing interest rates to go up?