WHY DID IT TAKE BOC SO LONG TO RAISE INTEREST RATE?

In my opinion ,the Bank of Canada should never have allowed interest rates to remain at such historic lows, for as long as it has. Low rates have encouraged people to spend way beyond their means for an extended period of time. Now the BOC is aggressively increasing interest rates and freaking people out. The only good move was adding the "stress test" to make certain when it came to a home purchase, a buyer would be prepared for a slightly higher rate. The BOC rate has historically been tied to the rate of inflation. The end goal for inflation has always been no more than 2% before the BOC acted. Now What?

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