Thank you so much, Mr. Chair. I want to thank the governor and the senior deputy governor for being here today.
I'm going to start off with the residents in my riding of Davenport and what they and I are worried about.
You have been very consistent about how core inflation has to be sustained for a long period of time. You've come before our committee many times, and I've listened to a lot of your speeches. You've been very consistent.
What I worry about is that in living memory, my constituents remember a time when for 10 years interest rates were abnormally low. If you look at the whole span of history, you see that it was actually a very abnormal time period.
I feel that when we're talking about.... Whether you do it in June or whether you do it in the fall, if you start reducing interest rates, I'm worried that the perception that constituents in my riding and Canadians will have is that we'll be going back to what was an abnormal interest rate level for a long period of time.
Can you speak to that? Should they have that expectation, or should they be given a bit of a reality check?