I haven't actually read that publication from TD, but yes, what I've been saying is that the economy has recovered. Slack has been absorbed. There is solid momentum in demand. We had a very strong second half of last year. We're coming out of omicron and we're expecting to see continued strength.
That does mean there is a risk that demand starts to run significantly ahead of supply; if that happens, we will have a new domestic source of inflation. That really comes back to why we've started to raise interest rates and signalled that we expect that we will need to continue to raise interest rates, so that we can moderate that spending growth and keep demand and supply roughly in balance.