As you know from our latest outlook published a couple of weeks ago, the recent weakness in oil prices and softness in housing mean that we expect growth to slow temporarily. We expect the economic expansion to pick up again after this detour, in the second quarter of 2019. This should lead to a pickup in wage growth as well.
There are risks on both sides of this outlook, so we will continue to pay close attention to wages and to other developments that are driving our projection for inflation. This includes how oil prices, the Canadian housing market and global trade policy evolve. Rest assured that the Bank of Canada will do its part to meet our inflation objective.