Thank you, Mr. Chair.
Thank you to our guests for being here, and for the work you do for Canadians every day.
We're obviously in a period of divergent policy, in which the U.S.... I take the point of the senior deputy governor that while the Bank of Canada is an independent institution, many people would cite the equally true fact that we're in an interdependent and integrated economy with the Americans. We're holding steady, with interests rates at least. I'm not going to ask you to comment on where they might go, but what does it mean in practical terms for our dollar, etc., if the American rates are going up? What has your modelling shown?