You're correct that we're going back to 3% as our estimate of the neutral rate. The one point I would make is that this estimate of the neutral rate has been revised downward significantly just over the period you mentioned, following the global financial crisis. I believe the Bank of Canada previously estimated that rate at around 4.75% and 4.5%, so there has already been a very large reduction. We're not going back to levels that we're used to seeing.
When you're at 1%, 3% does seem like a big increase, but in the Bank of Canada's framework, they see inflation coming back. They see the excess capacity of the economy tapering off, so those conditions are consistent with a 3% policy rate.