Such a transmission mechanism of traditional monetary policy, in theory, also holds true for unconventional policy. Influencing longer-term interest rates and various risk premiums is nothing more than the interest rate channel and the channel through portfolio adjustments and asset prices, both of which I have mentioned above.
In the oil and gas sector, we expect that transportation constraints for crude oil will ease gradually. The Trans Mountain Pipeline expansion will provide a welcome boost to capacity, although the pipeline will come online beyond our projection horizon. There are also some positive developments in offshore oil in Newfoundland and Labrador.