The same analysis indicating that QE had stimulative effects on Canada should also work in reverse: unwinding unconventional policies will tend to push up market interest rates in Canada and dampen the U.S. expansion. This effect would only be partly offset by the downward pressure the exit would put on the value of the Canadian dollar.
These goals were stated in terms of maintaining long-run growth of monetary and credit aggregates that would promote “maximum employment, stable prices, and moderate long-term interest rates.” Thus, the mandate really contained three goals, but the last one has been widely interpreted as those long-term interest rates consistent with the first two goals, giving the Federal Reserve a “dual mandate” of maximum employment and stable prices.