This is a testament to the flexibility and resilience of the Bank’s systems and its people. A handful of essential workers are on site, including security, IT staff, traders and banking operations colleagues at our head office, as well as other staff at our backup site in Calgary and our regional operation centres.
That moderation turned out to be greater and to last a bit longer than we expected. Still, it is important to recognize that inflation is on target and the economy is operating close to potential. That statement alone underscores the considerable progress seen in the economy over the past year. The slower-than-expected growth in the first quarter reflected two main issues.