Thus, while monetary policy in the United States has an important impact in Canada, I want to stress that Canadian monetary policy is independent and can diverge from the Fed’s policies. In fact, our policy rate is already higher than the Fed’s as a result of the moves we made four years ago in response to the improving economic conditions at that time.
Looking forward, as always, our rate decisions will depend on the state of the Canadian economy. Preserving the value of money by keeping inflation low, stable and predictable is our mandate. Are we there yet? Let me conclude. The financial crisis of 2008–09 reminded us how tightly linked the U.S. and Canadian economies are – for better or for worse.