Mark Carney, the governor of the Bank of Canada, on Monday warned of the dangers of keeping rates too low for too long.

"Cheap money is not a long-term growth strategy. Monetary policy will continue to be set to achieve the inflation target. Our institutions should not be lulled into a false sense of security by current low rates," Carney said.

The governor warned that Canadian households were becoming increasingly vulnerable to adverse shocks, and that this vulnerability was becoming more