Thanks very much, Chair.
Governor and Senior Deputy Governor, thank you for being here at the finance committee again.
Governor, I'm going to ask you the question I ask you every time you come to committee. It's the question I get asked by my constituents in Etobicoke Centre more often than any question when it comes to your role as governor.
When are interest rates coming down?
As you know, and as we've discussed at this committee before, folks are struggling for a range of reasons right now. The cost of living is high. Housing prices are high. There are a lot of folks who have mortgages on a variable rate or they had a fixed rate and they've had to renew at a much higher rate. That's been very difficult for a lot of folks to bear. Some have had to move out of their homes. Some have had to make significant sacrifices to make those payments.
That's the underlying reason I'm asking this question. I'm wondering if you could do your best to share that with me and I will share your response with my constituents.
When are interest rates coming down?