Thank you.
Governor, much of your analysis has focused on the supply side challenges that are driving inflation, such as supply chain constraints. You suggested that is the major driver, and I'm inclined to agree with you on that. However, there are some who are expressing concerns about the demand side.
For example, the chief economist from TD Bank recently said, “Demand driven by the rebounding economy and stronger household buying power will offset much of the relief on the supply side.”
Do you agree with her, or is there a risk on the demand side that we're going to see, effectively, a two-pronged pressure on inflation in Canada?