It's an interesting question. There was a sort of period of panic there in March 2020 when the pandemic was just getting under way. We talked about how we lived in an era of low interest rates, but interest rates, for corporations especially, were starting to rise at that time. People were panicking. There was a flight from risk. We saw that even some provincial governments, notably Newfoundland, were having trouble raising money.
Clearly, there could have been.... Without the Bank of Canada's intervening in a lot of these markets, not just government markets but even corporate markets, we could have seen much higher interest rates. How long would that panic have lasted? How quickly would people have realized that this wasn't going to shut down our whole economy, that it was just going to be segments of it? That's a counterfactual that is impossible to answer.