Let me emphasize that the Bank of Canada's operations to provide liquidity do not represent a change in the stance of monetary policy, but are meant to meet increased demand for liquidity to help re-establish well-functioning financial markets. Within the private sector, there have been important initiatives to support the functioning of markets.
Turning to the household sector, the pace of improvement has been slower than in the corporate sector. Private consumption has been stagnant with public health measures remaining in place (Chart 3). Consumption of durable goods has been steady, partly on the back of an expansion in stay-at-home demand.