I will say two things.
I think there are risks on both sides and there are some upside risks. You highlighted a few of them. The balance sheets of Canadians are better. Canadians do have roughly $200 billion of excess savings—it's a funny word—or more savings than we think they would have had if there hadn't been a pandemic. It comes back to Mr. Blaikie's question. They haven't been able to consume a lot of things they wanted to consume, so they have been saving the money.
In our outlook, we are assuming that they spend a good part of that, but they could spend more, so there could be some upside risks.
There are also some downside risks. We have been pretty conservative in our assumptions. We're not assuming that there are any price reversals in these durable goods prices. We think they are going to stabilize, but they don't fall back. If there are reversals, inflation actually could come down faster.
There are risks for both sides, but my second point is important. With inflation at 6.7% and with an outlook for inflation remaining well above our target range for the whole of this year, we are more concerned about the upside risks than the downside risks.