I think your constituents are a lot like most Canadians. That's a question on the minds of many Canadians, particularly Canadians who are carrying mortgages, so about 35% or 38% of Canadians.
The short answer is that we need inflation to come down, and then we will be able to bring interest rates down. We have, in our forecast, outlined when we think inflation will come back to the target level.
As the governor was just saying, monetary policy is forward-looking, so we don't need to wait until inflation's all the way back to 2%. If we get signs that let us know we can be confident that inflation is coming down and that it will remain down, we will start thinking about lowering interest rates. We're just not there yet.
The governing council has not started talking about when we will reduce interest rates. We don't want to put false precision on it either. We would love to give Canadians an exact date. We would love to be surprised and to find out that we were too pessimistic and that we will be able to bring rates down sooner. We look forward as much as other Canadians do to getting interest rates back to a more neutral level. Right now our priority is to get inflation down.