What I was trying to describe was that over the course of these few months, the day-to-day data flow could look very negative. That would be not the first quarter number, which we won't know until the end of May, but data on things like manufacturing, shipments, data on GDP, data on spending. Those monthly indicators could look quite negative. We wanted markets to understand that we already believed that the quarter was going to look quite poor, so in that context that markets would not be therefore doubling up on their bets that the Bank of Canada would need to do further actions. At that time, we were redoing our forecast and we needed to do a full assessment to see if the amount of insurance was approximately right. In the end, we believe it was.
On April 28th, 2015. See this statement in context.