I'd make two points.
It's true that monetary policy is forward looking. It does take a while to work through the economy and the financial sector before it has a direct effect on inflation; however, the signalling effect of our path to normalization is already being seen, particularly in mortgage rates.
To come back to your other question, though, we are aware of elevated debt levels in the Canadian economy. It's something the Bank of Canada has been talking about for a long time now, from well before the pandemic. We do anticipate that will make the economy more sensitive to interest rate changes and we will be watching that. As the governor said, we take all of those signals in as we make each decision.