Thank you very much.
Governor Macklem, earlier in your remarks, I think you made reference to the fact that one of the things happening in this pandemic period has been a reduction in the demand for services and an explosion in the demand for goods of all kinds as people were at various times confined to quarters, so to speak, and looking for things to do and ways to improve their homes. Things are opening up a bit. It's hard to tell how reliable a trend that will be, depending on what happens with the virus, but things do seem to be opening up. There does seem to be a trend line there towards more open economies and more travelling of people between countries as well.
I'm wondering what signs you might be looking for when you talk about trying to dampen demand with rising interest rates, and if part of what's going on is an explosion in demand for goods as people are able to access services that they weren't able to access over the last two years. That will have its own dampening of demand within the goods sector, which is, I think it's fair to say, one of the main driving areas as between goods and services where inflation is occurring.
What are you looking for in order to get a sense that we might be seeing a return to a more normal balance between demand for goods and services and what that means for the bank as it contemplates interest rate hikes and other monetary policy initiatives?