I would like to discuss with you this morning some of our recent initiatives and actions, particularly those related to subprime mortgage lending. Promoting access to credit and to homeownership are important objectives, and responsible subprime mortgage lending can help advance both goals. In designing regulations, policymakers should seek to preserve those benefits.
Chart 5: Consumer price index inflation, projected versus actual Year-over-year percentage change, quarterly data, not seasonally adjusted  % 5 4 3  2 1 0  -1 2019  2020 Projected CPI inflation*  2021  2022  Actual CPI inflation  * Projected CPI inflation from the Bank of Canada’s July 2020 Monetary Policy Report Sources: Statistics Canada and Bank of Canada projections  Last data plotted: 2022Q4  Needless to say, this is not exactly how things turned out.