Then they pushed up interest rates and forced down house values.
Since then, Ottawa has been forced to push up interest rates again.
They are doing that by pushing up short-term interest rates.
Standard estimates say this should push up 10-year interest rates by around one percentage point.
They may crowd out private investment by pushing up long-term interest rates.
At the same time, the market has been pushing up long-term interest rates, although they fell a bit yesterday.
This pushes up interest rates, and that slows the economy.
A robust economy might lead the committee to push up interest rates.
But in 1989 rising inflation will push up interest rates, he said.
The result of their hesitation was to push up interest rates by over one percentage point in a week.