We finished drafting the report on April 24.
These days, a week can feel like a month. Sometimes it can feel like a year depending on who you are living with, because we're spending most of our time at home.
Lots of things change. I would say that on the debt-to-GDP ratio stabilizing once the economy recovers, again, it depends a lot on government action, for example, whether it will return to deficit levels that we saw before the pandemic, which seems very unlikely, at least in the short term, and maybe even in the medium term, given the state of the economy. On debt-to-GDP ratio stabilizing, that's only once the economy returns to its pre-pandemic growth rate and we see deficits at the federal level returning to the $20-billion range that we had before the pandemic, or even better, which is not for next year. I'd be very, very surprised.