Our outlook for the global economy continues to show stronger momentum in 2015 and 2016, but the forecast profile has been downgraded since July. The good news for Canada is that the U.S. economy is gaining traction, particularly in sectors that are beneficial to Canada’s exports. And our exports do appear to be responding, with some additional help from a lower Canadian dollar.
But in the meantime, liquidity in the bond market today is what it is. It continues to evolve but it is not going back to what it was any time soon. So participants in the bond market need to adjust to the current situation rather than simply complain about it.