Thank you, Mr. Chair.
Senior deputy governor, I want to clarify something, because we had a bit of a back-and-forth before, in my last round. I think I heard you agree that it's possible that the market is demanding a higher interest rate in order to absorb the record amount of all government debt.
I'll note that most of the debt being rolled over this year by the federal government is debt it incurred during COVID, and it negligently borrowed at the short end of the curve.
Isn't it possible, or would you agree, that the market is actually demanding a higher interest rate because it has to absorb that amount of borrowing?