Thank you very much, Mr. Chair.
Mr. Perrault, thanks for being here today. I'd like to thank all our witnesses, of course.
You mentioned in your opening statement “inflation expectations”. The Bank of Canada itself in October, in a monetary policy statement, said its outlook on risk of inflation included increased inflation expectations on behalf of businesses and consumers, as well as more persistent wage inflation. It was in the bank's own outlook survey with businesses just last week that two-thirds of businesses expect inflation to be over 3% in the next year, and 80% of businesses expect wages to be higher over the next 12 months.
Are we not thinking about inflation and expectations? We're kind of past this transitory supply chain narrative. Do you have any other observations on this point?