Frankly, it’s a bit hard to say. The greatest risks right now, especially with respect to the Canada-U.S.-Mexico agreement, trade and the war in Iran are not economic risks as such, but rather, they are geopolitical risks. It's hard for us to assess the probability of what will happen exactly. Ultimately, monetary policy will reflect events as they unfold.
As I said, if the United States imposes new restrictions on trade with Canada, that could make our economy weaker and exert downward inflationary pressure. Should that happen, we may need to bring down our policy rate. however, if oil prices go up, and most importantly, stay high, there is a strong probability that inflation will become more persistent. If that happens, there may be a need for consecutive increases in the policy rate.
As you mentioned, we are monitoring the situation closely and stand ready to respond as needed.