Our path toward the reinvestment phase has been gradual, and we will continue to proceed in measured steps guided by our evolving assessment of the macroeconomic outlook and the strength and durability of the recovery. Eventually, the reinvestment phase will end, and we will stop purchasing bonds to replace the ones that are maturing, so our holdings of Government of Canada bonds will decline.
But as I mentioned above, it is reasonable to expect that when we do eventually need to reduce monetary stimulus, our first move will be to raise the target for the overnight rate—our policy interest rate. Conclusion Let me conclude. The economic recuperation from the pandemic continues to be bumpy and uneven.