Foremost on our minds heading into the decision were recent developments across a few dimensions—how things have transpired to date, how things look in the near term and how things are shaping up further out. Let me briefly discuss each in turn.
Looking back on developments to date, last week’s publication of Canada’s National Accounts for the third quarter of 2020 confirmed our expectation that a sharp rebound would take place as the economy reopened, following the precipitous decline in activity in the second quarter.