We have added these boxes to enhance the transparency of our analysis and more clearly explain changes to our forecast. We intend to make these a regular feature of our MPR and we look forward to your feedback on this innovation. Let me now turn to the Governing Council’s deliberations. We spent a lot of time talking about incoming economic data.
The first quarter is now looking like it was considerably stronger than we were expecting back in January. This partly reflects a better global backdrop, particularly in the United States. The US recovery is being supported by a rapid rollout of vaccines and substantial fiscal stimulus, which is bringing spillover benefits to Canada through higher demand for exports and stronger commodity prices.