I'll start with the second part.
Central banks around the world were looking at very similar things. The reality is that different parts of the world are coming out of this pandemic at different speeds, so while I think the direction of travel is pretty similar across central banks—or at least most central banks—the speed and the pacing and the size are going to depend on the situation in that country. Actually, that is the big advantage of having your own currency, your own monetary policy. It's that you can direct your monetary policy to the situation in your country.
On the first question regarding my comments, I guess I'd highlight a few things. A week and a half ago, we raised our policy rate by 50 basis points. That is unusual. Our typical step is 25 basis points. We also began quantitative tightening. Together, this was quite significant, and we signalled to Canadians that they should expect further increases in interest rates. We said that we needed to normalize monetary policy reasonably quickly.
As we get to our next decision, the typical step would be the 25 basis points. As I said earlier, I expect we will be considering a 50-basis-point increase. I'm not going to rule out other options, but anything bigger than 50 basis points would be very unusual.