Thank you again for the question, Mr. Chair and Mr. Member.
Of course, we do that kind of modelling. There are three significant tailwinds. One, as you said, is just the spillover of potential U.S. stimulus into Canada. Number two is just this kind of release, this kind of post-pandemic euphoria effect, where consumption patterns snap back to normal. On top of that are these accumulated savings, this so-called pre-loaded stimulus, which we try to factor in.
The honest answer is that it's all just very extremely uncertain: The timing of U.S. stimulus as it works through Congress in the U.S., the actual attitudes, and consumer and business confidence and at what pace those will snap back so that we can resume normal savings and consumption patterns.... The analysis we do is no different from what the Bank of Canada and other economic shops do—like the commercial banks.