Governor, I didn't mean to suggest that quantitative easing in Canada was the sole source of inflationary pressures, or even the major part. There are a number of other things, for example, supply chain constraints and the spike in commodity prices, that are driving inflation. However, when you engage in QE, you are pumping liquidity into the economy. That's more dollars chasing the same number of goods.
I'm not suggesting that was the Bank's problem, but you did underwrite about $300 billion of Canadian government bonds, which the government then took and spent in the economy. Am I correct?