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There’s no sign the government will intervene publicly in any way. The discontent, however, signals Trudeau and Morneau also don’t plan to rein in a spending program, focused on infrastructure and payments to families, that’s projected to result in deficits totalling $102 billion over the Liberal government’s first four fiscal years.

“I do not comment on the Bank’s independent decision,” Morneau said in a statement this week. The government has “more work to do,” he said, hinting at unease with the current recovery. “As we look at our next steps, it’s clear we will move forward by continuing with an approach that’s working, always with a strong middle class and long-term economic growth as our goals.”

Rebecca Ryall, a spokeswoman for the Bank of Canada, declined to comment.

Household debt is at unprecedented levels in an economy that has relied mostly on consumer spending for growth since the 2008-09 recession. The central bank decided July 12 to raise borrowing costs against a backdrop of broadening disinflation that seemed to argue against such a move.

Household spending contributed 2.4 percentage points of the 3.7 per cent gross domestic product growth in the first quarter. That’s the largest contribution made by households since 2010.