And we are aware that it could be very costly if those expectations were to drift materially. As you probably know from our public communications, we carefully monitor survey- and market-based proxies for expectations, and we do not see evidence of a material shift in longer-term expectations (figure 6). The survey measures have been particularly steady for some time.
Due to lower-than-expected labour productivity growth in the past year, as well as the delay in the expected pickup in demand for exports and investment, the forecast for potential output growth was revised down slightly. •  Since the Report was published four weeks ago, the outlook for the global and Canadian economies has not changed substantially.