As of this week, we are no longer replacing maturing Government of Canada bonds with new ones, so our balance sheet will shrink. This brings our exceptional monetary policy response full circle. When the economy needed exceptional support in the depth of the recession, we lowered our policy rate to its lower bound and complemented this with quantitative easing or QE.
Last November we ended QE and began reinvestment. We have now moved to quantitative tightening or QT. With the economy fully recovered, it is time to normalize our balance sheet. QT will complement increases in our policy rate by putting upward pressure on longer-term interest rates. Let me stop here. Senior Deputy Governor Rogers and I will be happy to take your questions.