Thank you, Mr. Chair.
The Bank of Canada has raised rates five times in the last year and a half or so, and you're about 75 basis points from hitting the lower bound of your neutral policy rate. Obviously the rise in rates connected with the bond market and so forth impacts interest-sensitive sectors within the economy. My estimate is that inflationary expectations are quite well contained now.
As my colleague mentioned, you have removed the word “gradual”. Some economists have said it means nothing. Others have said it means something. I think it means, Governor, that you don't like to give forward guidance in terms of data points, data plots or anything like that, like the Fed does.
Can you comment on the interconnectedness, and how we can avoid going too fast in raising rates and doing damage to interest-sensitive sectors, while still keeping inflationary expectations well contained?