And the total increase to our policy rate, 425 basis points, is second only to the US Federal Reserve’s 450 basis points. We were also the first to end quantitative easing. As well, since we began quantitative tightening, our balance sheet has contracted the fastest— by more than 20%—complementing the restrictive stance of our policy rate.
As global inflationary pressures continue to recede, each country will need to chart its own course to get back to price stability. Canada, like other countries, has unique circumstances that will affect the path of the economy and inflation.