Thank you so much, Mr. Chair.
I want to say a huge thanks to you, Governor Macklem and Senior Deputy Governor Rogers, for being with us once again today and for your extraordinary work on behalf of our nation.
My first question for you is about jobs, increased wages and the impact on inflation.
In one of my previous questions to you, Governor, I had asked you if there is always going to be a negative impact on inflation if wages increase. I recall that your response to me was that it is okay if wages go up as long as there's a corresponding increase in productivity. When I'm thinking about wages, it's hard, because I kind of think of them in a big bucket. Many people are paid very well. There are people who are paid what they are worth. There's a huge grouping of people, I believe, in our society who need to be paid more, whether they're nurses, personal support workers or those in some key sections of our hospitality industry. I don't want to discourage wages from going up for those who need to see them go up.
I'm not sure if you're able to comment about what productivity increases might look like in sectors where you need to see wages go up. Again, I mean nurses, personal support workers and key parts of the hospitality industry. Maybe you can comment on that.