As a patch, the 2016 renewal of the inflation-control agreement could have made the CPI excluding mortgage interest the target indicator instead of the CPI. Unfortunately it seems that Morneau and Poloz are incapable of even the most timid positive reforms. Instead of that they replaced the operational guide, CPIX, which excluded mortgage interest, with three new core measures, none of which exclude it. Not even the Central Bank of Iceland includes mortgage rate changes in its preferred core measure.