Thank you.
I'll ask my two questions together, since we have two and a half minutes of speaking time.
Mr. Macklem, in your opening remarks, you spoke about the resilience of supply chains. I would now like to hear your opinion and analysis regarding the incidents in the Red Sea involving commercial ships and the drought in Panama, which is limiting the number of passages through the canal. How will this affect potential inflation in Canada, and how is the Bank of Canada taking this into account?
In your report, you said that the risk premium associated with the price of oil has fallen, since the market considers it less likely that the war in Israel and Gaza will negatively affect global oil supply. I would like more information on this matter.