Thank you very much.
Thank you, Governor Macklem and Deputy Governor Rogers, for joining us here today.
We were talking about this a little bit earlier, wage growth being considered a factor in inflation. We talk about price increases. I looked at the report that you put out not that long ago, where profit growth factors into the analysis of the Bank of Canada.
There have been several studies out in the last four weeks or so that indicate a very extraordinary rate of profit growth in Canada's corporate sector among a number of different industries showing a much higher rate of profit-making compared to 2019 before the pandemic. I think David Macdonald at the Canadian Centre for Policy Alternatives has estimated that those increased corporate profits might be responsible for up to about one quarter of inflation in the Canadian context at the moment.
Not having seen a discussion of corporate profit in your report, I'm wondering if you're tracking that, where it fits in the framework, and what reflections you might have for the committee today on the role of price increases that go beyond increases in costs to companies that are delivering goods and services in the Canadian economy.