Governor and Deputy Governor, thank you for being here today and presenting to this committee.
I'd like to start with the sections in your report that talk about growth prospects particularly in the United States and their impact here in Canada in terms of both the general economy and monetary policy.
Governor, in December you raised the spectre of divergence. You were prepared to use different tools at different times in order to differentiate between and navigate the different effects on the Canadian economy vis-à-vis that of the United States. Obviously, you mentioned animal spirits in the United States right now, whether that be from increasing oil prices—they're much more stable in their energy security—or in reference to possible tax reform. Right now the American economy seems to be picking up.
Do you feel that American interest rates are going to remain the same or increase in the short to medium term?