That’s the perspective that we, as central bankers, need to take to meet our inflation objective. For much of the past couple of years, the Canadian economy overall performed near full capacity. The unemployment rate fell to historic lows while wage growth improved. In this context, Governing Council raised the policy rate during that period toward a more normal setting.
When we talk of debt markets in India, we are really referring to the Government Securities market, which accounts for 75 per cent of the outstanding stock and nearly 95 per cent of the volumes traded in the secondary market. About 90 per cent of the corporate debt market is privately placed.