Bank of Canada governor Tiff Macklem has stated that the central bank held interest rates in October due to the impact of upcoming mortgage renewals on the economy. Canadians' borrowing costs have risen over the past 19 months as the Bank increased its interest rate. An estimated 3.4 million Canadians will renegotiate their mortgages in the next 18 months, resulting in higher rates and monthly payments. The Bank of Canada expects rates to remain high for an extended period. Canadian pension funds have seen a decline in Canadian content and exposure to Canadian equities, with a significant increase in foreign assets.