I can comment on Canadian versus U.S. interest rates.
First of all, it's not unusual or unexpected, because markets are quite positioned for that. We've seen the Canadian dollar weaken, but not directly as a result of the policy differential. As I said, it's not unusual. You see that in every cycle. When we're at the end of the cycle, interest rates are higher in the U.S. than they are in Canada. Right now, the Canadian dollar is weak and the U.S. dollar is strengthening because of risk aversion. We've also seen that during the pandemic.
The second thing is that our household debt realities in Canada are very different from those in the United States, as we discussed earlier. Because of that, the Bank of Canada cannot.... Each 25-basis-point hike bites more in Canada than it does in the United States.
The third point I would signal is this: Regarding the quantitative tightening the Bank of Canada operates right now, our research demonstrates that it's more biting in Canada than what the U.S. is experiencing, this year, for technical reasons related to the debt ceiling. In other words, even if rates are constant, another way the Bank of Canada enacts tight monetary policy is through quantitative tightening. That hasn't stopped.
For all these reasons, the dosage of tightening we're currently seeing in Canada is appropriate, I think. The Bank of Canada need not worry overly about what the Canadian dollar does in the very short term.