Thank you, Mr. Chair.
I want to thank you, Governor, for all of the excellent work you've done for Canada, and I wish you well in your new endeavours.
I just want to make a quick comment. It's important to note that we have actually removed preferential tariffs; we haven't raised a tariff. I just wanted to make that comment.
I have one question coming out of your presentation, and then I hope to delve into another area. You're talking about three main downside risks in terms of the Canadian economy. You talk about the possibility that spending by Canadian households could be weaker. Are we talking about a double-edged sword here? We have expressed concern over household debt, but then it's also potentially a downside to the economy. Can you align those, short term versus long term, and clarify a little further?