Mr. Speaker, there is no doubt that when the bank moves one wants to see all interest rates come down, which is why mortgage rates are virtually at an all time low.
The Bank of Canada was able to act in this way because of the elimination of the deficit, because of the pay down of $35 billion in debt and because of the significant tax cuts brought in by the government.
There is tremendous confidence among central bankers as to the governance of this country by the government and it is reflected in the drop in interest rates.