Since we began raising interest rates, many economists have told us we would cause a recession, but what we have now isn't a recession. We're going through a period of low growth, of course, but that's necessary in order to relieve inflationary pressures.
As you said, long-term interest rates have risen sharply in recent months, especially in the United States. As the deputy governor just mentioned, the situation can be explained as the result of a number of factors. However, it's hard to say right now exactly which ones are most significant.
In the forecasts we released last week, we included a rise in long-term interest rates. So that's included in our forecasts. There's a risk that these increases may be significant. If that occurs, and especially if it reflects increases in the yield curve, that would further reduce the growth rate of the global economy. We would of course be affected here in Canada because we have a very open economy.
So that's a risk that we have to monitor closely.