I'm going to ask you this question.
It's not really an esoteric discussion. You probably saw the headline in the National Post today: “'Payment shock' coming for most Canadians with mortgages, RBC says”. It continues, “By 2026, when $400-billion worth of mortgages are set to renew, increase in monthly payments could be as high as 48%”. The article goes on to say that by 2025, “credit losses will inevitably rise”. This is affecting real people in real time.
One of the things I want to ask you is this: Let's say that you determine that market factors are sufficient to start bringing rates down at some point. Would you wait until a monetary policy report, a quarterly report, was coming out, or would you act earlier, as soon as that information came to your attention?