WILLIAMS: Some of our productivity gains predate the rise of artificial intelligence.

On Thursday the BOC said that despite a highly turbulent economic and geopolitical backdrop, Canada’s financial system is currently sound but vulnerabilities are increasing. Senior Deputy Governor Caroline Rogers flagged elevated equity valuations, rising corporate debt and greater hedge-fund borrowing to buy sovereign debt as key weaknesses; she said each risk is manageable in isolation but heightened economic and geopolitical volatility could trigger knock-on effects.

BOK will assess the extent of rising inflationary pressures, the trend of improvement in the domestic economy, and the state of financial stability.