Thank you, Mr. Chairman.
Good morning, gentlemen.
Mr. Carney, I wish to begin by thanking you for having accepted my suggestion of holding a training day and of gathering together the critics from each party as well as the governor of the Bank of Canada. I believe that this event has been set for May 30. This fits into the logic of the new approach that you want to implement, namely greater openness with regard to the various influences. I thank you for that.
In the summary of your April, 2008 Monetary Policy Report, you state the following:
Given the cumulative reduction of 150 basis points in the target for the overnight rate since December, the timing of any further monetary stimulus will depend on the evolution of the global economy and domestic demand, and their impact on inflation in Canada.
Today, you stated the following to us:
The deterioration in economic and financial conditions in the United States will have direct consequences for the Canadian economy.
Given the statements made yesterday by President Bush and the rise in the price of gas, could you tell us if, between your tabling of the document and today, you have already predicted that the next step will require yet another significant drop in the rate?