The Globe and Mail reports in its Thursday edition that the U.S. Federal Reserve did not hike interest rates on Wednesday. The Globe's guest columnist Louis-Philippe Rochon writes that the talk now is all about when and how high rates will go, not if. This strongly contrasts with the state of monetary policy in Canada, where rates are not expected to go up until 2018, especially in light of Bank of Canada Governor Stephen Poloz's acknowledgement this week that our economy is failing to get make gains. Eventually, though, rates will increase here, too. Canadians' fondness for debt is compounding the problem. Unlike U.S. household debt levels, Canadian household debt has been increasing, which poses unique challenges for the conduct of monetary policy. Raise rates too high or too quickly, and risk plunging the economy into a severe down spin. At the moment, household debt relative to disposable income stands at a record 167.6 per cent. At record-low interest rates, and with the lack of any meaningful regulations on household personal borrowing, this trend will most likely continue. Mr. Rochon says such high debt levels pose risks for the Canadian economy and for economic policy.