This was a risk that we highlighted in our January monetary policy report, very soon after the U.S. election. At that time, the talk was about very significant changes in U.S. tax policies, and the market had absorbed that more or less as fact. What happened over the course of the next six or eight months was that the market reaction was gradually peeled back as the realities of the political process unfolded.
We, of course, acknowledge that there is potentially a risk that there will be a tax change that somehow makes it, on the margin, more attractive for a company to expand its operations or create a new operation in the United States. This is exactly the same strategy that companies are mentioning to us today in response to the risk around NAFTA—that if NAFTA were to cease to exist or be dramatically changed, one way for them to hedge against that risk, since it may take quite a long time for it to become clear, is for them to expand their operation in the United States instead of expanding in Canada.
This is a risk that we face today. In our forecast, we have lower investment spending expected for this reason, this uncertainty, yet as I said before, on top of that there still seems to be a strong willingness to invest, and the actual numbers are showing it.
It's a mixed kind of picture. That's all I have for you.