The Bank of Canada may have made its battle against household debt the centrepiece of Tuesday’s statement on interest-rate policy, but it’s not the only rising concern brought to light in the 489-word document.

Comparing the statement to the central bank’s previous rate-setting statement in early September, the bank uses more pessimistic language about both the domestic and global economies, and about Canada’s export prospects. Its expectation on inflation has weakened. And it’s not particularly pleased with the factors that have been keeping the Canadian dollar strong.