Thank you, Mr. Chair.
Thank you so much for being here with us, Governor.
In the last monetary policy from just last week, the Bank of Canada does point out that wage growth remains elevated at about 4%, which is two and a half times where inflation is currently. We've now had 20 straight months of wage growth outpacing inflation. If we compare this with previous data, we see that the purchasing power of Canadians has also considerably increased. I also saw data showing that consumer confidence in Canada is on the rise. It's actually at a 30-month high, and higher now than it was when Prime Minister Harper left office.
Governor, I know that data isn't everything, but the data does indicate some good news. I wonder, firstly, if you can confirm whether that information or that data is accurate. As well, what I think I hear on doorsteps and what my colleagues hear when they knock on doors is that Canadians are not feeling that right now. Can you give us, firstly, the data picture, but also maybe help explain why there might be some disconnect?