In line with this outlook, some further monetary stimulus will likely be required to achieve the inflation target over the medium term.
Given the cumulative reduction in the target for the overnight rate of 150 basis points since December, including the 50-basis-point reduction announced last week, the timing of any further monetary stimulus will depend on the evolution of the global economy and domestic demand, and their impact on inflation in Canada. With that, Paul and I would now be pleased to answer your questions.