Thank you, Mr. Chair.
Thank you to all of our witnesses.
I'm going to be sharing my time with MP Stewart, so I'll be very quick.
Mr. Punwasi, first of all, it's said that, when the Bank of Canada makes a change to its overnight lending rate, it can take about 18 months before that is fully factored into the economy. I'm sure that unconventional monetary policy like QE has a very similar result.
Despite the Bank of Canada's having given forward guidance and saying it's going to be switching to quantitative tightening, what in your opinion should we expect in that space?