Thank you, Mr. Chair.
Governor, I want to tell you about an analysis recently conducted by an economist, Mohamed A. El‑Erian, of the global economy and the American economy in particular. I would like to hear your comments on the Canadian economy more specifically.
Mr. El‑Erian writes that there's a consensus among economists, or at least a prevailing view, that we're headed for a soft landing. In his opinion, however, there's still a a risk that it will turn into a crash landing in the next few weeks. The main and immediate risk, he says, is the recent spike in global borrowing costs, which in turn results from decisions by the U.S. Federal Reserve and other central banks, such as the Bank of Canada, to maintain elevated rates for an extended period of time in order to counter inflation.
Would you care to comment on that analysis?