Thank you, Mr. Chair.
Thank you, Governor and Deputy Governor. We always appreciate your being here and how transparent the bank is with Canadians during these difficult times.
I went back and had a look at the January 2023 monetary policy report. In there, you said, “CPI inflation is forecast to decline...and to reach the 2% target in 2024”. Today, you're saying that's not the case.
I'm wondering if I could get your thoughts on why that projection changed over the last year and also tie it in with this idea of government spending being at the upper bound, because just three months after that monetary policy report, the government tabled a budget that had $63 billion in additional spending, and then in the fall economic statement another $20 billion. I'd like your thoughts on whether those budgets interfered with the projection you made in January 2023.