I apologize for going past the hour, but we did start a little late, so we appreciate you staying here.
I'm going to take the next Conservative spot and ask you to comment on the fact that many people in the Canadian investment community and the financial markets have been critical of the fed in the U.S. and the amount to which they've changed their rates. From a Canadian perspective, the differential in the rate or the changes they make put pressure on the bank with respect to monetary policy.
I know you are very hesitant to be critical, but perhaps you can comment on the rates that were set by the U.S., the extent to which they've made the moves, and the kind of pressure they've put. As guidance for the committee, maybe you can give us some sense of monetary policy as a balancing act.
Inflation is one of the two pillars, along with a flexible currency, but if you look at inflation being a primary determinant, you also look at the strong dollar and its impact on the manufacturing sector. I know you take that into consideration, but then you look at the actions of the U.S. with respect to the spread between Canada's overnight rate and the U.S. federal funds rate.
Can you give us a sense as to how much other factors weigh on your decision--I know you're going to say inflation is a primary one--and if there are any other factors the committee should be aware of?