Thank you, Mr. Carney, for ending the hallelujah chorus on that very favourable note.
I, too, want to compliment the bank on its handling of the monetary side of the equation. It's a pity you didn't have support from the government on the fiscal side of the equation.
But I would like to take note personally, as has been mentioned by others, that Mr. Jenkins is usually with you. This is probably the first meeting over many years that he hasn't been with the governor, and I just wanted to say publicly what a joy he was to work with over the years. When I was on the other side he was extraordinarily helpful to me, as he was to me on this side—a very fine public servant.
You've obviously set out a window for bringing up the rates, and your words have been parsed ever so carefully by so many people. The concern I have with respect to your raising the rates as anticipated is that the window appears to be about the same time as the Governments of Ontario and British Columbia will implement the HST, which likely will have a dampening effect on the economy. The economy may well, on July 1, if that is the window, have a double hit: your raising the interest rates and the HST.
Have you given that some thought? If so, what is your reaction to that?