Mr. Poloz, Stephen, it's nice to have you back at committee and see you again.
I want to address your opening comments. You referred to the inflationary impacts of stimulus, and you tended to downplay them. I think the word you used was that they are “transitory”.
Now, if they're not transitory and they are more pervasive and persistent, would you agree with me that that would represent a significant challenge to the sustainability premise of the budget?