Indeed, we expect that it will close in the second half of 2003. The output path that we are now projecting is consistent with core CPI inflation being at 2 per cent by about the end of next year. Total CPI inflation will probably continue to fluctuate in coming months as oil and natural gas prices move around.
But, like core inflation, we expect it to be at the 2 per cent target midpoint by about the end of 2003. Although we no longer face the same degree of uncertainty as we did last fall, there are still important risks and uncertainties in the outlook—some of which are working on the upside and others on the downside.