Let's just say that the bank has an interesting toolkit.
As you mentioned, the 2% rate of inflation seems fairly stable. In that case, we can be more flexible regarding everything else.
Concerning risks, you identified three upside risks and three downside risks. Let's go over these risks and assess the likelihood that they will happen.
Let's first look at the upside risks. It is possible that the price of commodities will go up. The risk that the U.S. economy will recover faster than expected is low. As for spending going up in the Canadian household sector, we can only hope this will happen, despite the household debt load. I can only conclude that the upswing risks are not very likely to happen.
As for the downswing risks, you talk about global growth prospects and the possibility of a more pronounced correction in the Canadian housing market.
Am I mistaken, or am I still too pessimistic when I say that the likelihood of the downside risks happening are higher than the likelihood of the upswing risks?